Reference no: EM132970485
Hussain Corp. gave you the following information about its investment in Fahad Corp. shares purchased in May 2020 and accounted for using the FV-OCI method:
Cost $39,000
Fair value, December 31, 2020, 42,750
Fair value, December 31, 2021, 33,200
Fair value, December 31, 2022, 37,400
Instructions
Problem a. Prepare the adjusting journal entries needed on December 31, 2020, 2021, and 2022.
Problem b. Determine the balance in accumulated other comprehensive income on the statement of financial position on each of December 31, 2020, 2021, and 2022.
Problem c. Assume that Hussain sold its investment in Fahad Corp. on February 13, 2023, for $38,000. Prepare the journal entry(ies) needed, including reclassifying holding gains or losses to retained earnings on this date, assuming the investments are in shares and no recycling to net income is recorded.
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