Reference no: EM132589068
Question - ABC Corp provided you with the following information about its investment in TELON Inc. shares purchased May 2020 for a total cost of $29,000, and accounted for using the FV-OCI method
Fair value, December 31, 2020 $ 30,900
Fair value, December 31, 2021 $ 23,800
Fair value, December 31, 2022 $ 26,900
Instructions -
a) Prepare the adjusting journal entries needed on December 31, 2020, 2021, and 2022.
b) Determine the balance in the accumulated other comprehensive income on the statement of financial position on each of December 31, 2020, 2021, and 2022.
c) Assume ABC sold its investment in TELON Inc. on March 15, 2023, for $ 28,100. Prepare the journal entry(ies) needed on this date if (1) the FV-OCI method required recycling, and (2) the FV-OCI method did not require recycling.
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