Business, 12.08.2020 18:01 mmagee2020

On December 21, 2017, Novak Company provided you with the following information regarding its equity investments. December 31, 2017
Investments (Trading)
Cost
Fair Value
Unrealized Gain (Loss)
Clemson Corp. stock $20,200 $19,300 $(900)
Colorado Co. stock 9,900 8,900 (1,000)
Buffaloes Co. stock 20,200 20,790 590
Total of portfolio $50,300 $48,990 (1,310)
Previous fair value adjustment balance 0
Fair value adjustment—Cr. $(1,310)
During 2018, Colorado Company stock was sold for $9,410. The fair value of the stock on December 31, 2018, was Clemson Corp. stock—$19,410; Buffaloes Co. stock—$20,700. None of the equity investments result in significant influence.
(a) Prepare the adjusting journal entry needed on December 31, 2017.
(b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2018.
(c) Prepare the adjusting journal entry needed on December 31, 2018.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(a) On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
(b) On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
(c) On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w
On December 21, 2017, Novak Company provided you w

Answers: 1

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Answer from: kiarakagni

(a)

Dr Unrealized Holding Gain or Loss -Equity $1,410

Cr Fair Value Adjustment $1,410

(b)

Dr Cash $9,410

Dr Loss on Sale of Investment $590

Cr Equity Investment $10,000

(c)

Dr Fair Value Adjustment $1,120

Cr Unrealized Holding Gain or Loss-Equity $1,120

Explanation:

(a) Preparation of the adjusting journal entry needed on December 31, 2017.

Dr Unrealized Holding Gain or Loss -Equity $1,410

Cr Fair Value Adjustment $1,410

(To Adjust to Fair Value for 2017)

(b) Preparation of the journal entry to record the sale of the Colorado Co. stock during 2018.

Dr Cash $9,410

Dr Loss on Sale of Investment $590

(20,200- 20,790)

Cr Equity Investment $10,000

($9,410+$590)

(To Record Sale of Stock)

(c)Preparation of the adjusting journal entry needed on December 31, 2018.

Dr Fair Value Adjustment $1,120

Cr Unrealized Holding Gain or Loss-Equity $1,120

(To Adjust to Fair Value for 2018)

Investments Amortized Costs, Fair Value , Unrealized Gain (Loss)

Clemson Corp. stock

$20,200 $19,410 ($790)

Buffaloes Co. stock

$20,200 $20,700 $500

$40,400 $40,110 ($290)

Previous Fair Value Adjustment (Credit)

$1,410

Fair Value Adjustment (Debit)$1,120

Answer from: Quest

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

Answer from: Quest

You have to buy paper to but into the scanner

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On December 21, 2017, Novak Company provided you with the following information regarding its equity...