Reference no: EM132760126
Question - At December 13, 2021 the equity investments of Wang Inc. that were accounted for using The FVOCI model with recycling were as follows:
Investment Cost and Carrying Value Fair Value
Ahn Inc. $175,200 $150,000
Burnham Corp 121,500 140,600
Chi Ltd 73,000 75,500
Total 369,700 366,100
Wang sold its investment in Ahn for $153,300 on January 20. 2022. No other investments were acquired or sold during 2022; however, a dividend of $1,300 was received from Burnham Corp. in June. At December 31, 2022 the fair values of Burnham and Chi Shares were $153,750 and $72,600, respectively.
Required -
a) What is the entry to adjust the portfolio of investments to fair value at December 31, 2021?
b) How do prepare the presentation of all investment related accounts on the statement of financial position at December 31, 2021?
c) Indicate the amounts to be reported on the statement of comprehensive income for the year ended December 31, 2021, and where each would be reported.
d) What is the journal entries for the 2022 sale of the investment in Ahn Inc. and the dividend received from Burnham Inc.
e) How do I prepare the journal entry required at December 31, 2022 to adjust to fair value?
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