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Compute the required adjusting entry to reflect the fact is

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Problem 1: On May 15, 2020, Bagle Corp. purchased 1,000 common shares of Holter Inc. for $24,000, as a Fair Value through Other Comprehensive Income (FV-OCI) equity investment. At December 31, 2020, the fair value of these shares was $26,550. The required adjusting entry to reflect this fact is

Option 1: debit Unrealized Gain or Loss (OCI), credit Fair value-OCI Investment $26,550.

Option 2: debit Unrealized Gain or Loss (OCI), credit Fair value-OCI Investment $2,550.

Option 3: debit Fair value-OCI Investment, credit Unrealized Gain or Loss (OCI) $2,550.

Option 4: debit Fair value-OCI Investment, credit Unrealized Gain or Loss (OCI) $26,550.

Reference no: EM132649376

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