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Prepare entry to record the sale on nandini on april

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Reference no: EM132583473

At the end of Tanya Corporation's first year of business, it had the following equity investments which each represented a less than 20% interest :

                                   Cost                     Fair Value

                                            12/31/15         12/31/15

Deyan Inc.                      $150,800              $180,500

Chambers Education Inc.      $308,000             $296,000

Nandini Airways                    $210,000               $205,000

On April 1, 2016, Tanya sold the investment in Nandini Airways for $300,000 and then on May 31, 2016 bought a 10% equity stake in Jet Air for $83,000. The Fair Values of Deyan, Chambers and Jet Air at December 31, 2016 were $200,000, $287,000 and $80,000 respectively.

Required:

Question 1: Prepare adjusting entry to record the investments at fair value at 12/31/15

Question 2: Prepare entry to record the sale on Nandini on April 1, 2016

Question 3: Prepare adjusting entry to record the investments at fair value at 12/31/16

Reference no: EM132583473

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