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Prepare the adjusting journal entry needed on december

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Reference no: EM131779916

Asignment

On December 21, 2017, Swifty Company provided you with the following information regarding its equality investments

                                                       December 31, 2017
Investments (trading)             Cost                 Fair Value        Unrealized Gain (loss)
Clemon Corp stock                 $19,200            $18,300              $(900)
Colorado co stock                  9,300                8,300                 (1,000)
Buffaloes co stock                 19,200               19,790                590
total of portfolio                    47,700               $46,390              1,310
Fair value adjustments-Cr                                                         $1,310

During 2018, Calorado Company stock was sold for $ 8,840. The fair value of the stock on December 31, 2018, was Clemson corp. stock- $18,400; Buffaloes co stock- $19,680. None of the equity investments result in significant influence.

(a) Prepare the adjusting journal entry needed on December 31, 2017.

(b) Prepare the journal entry to record the sales of the Colorado co stock during 2018

(c) Prepare the adjusting journal entry needed on December 31, 2018

Reference no: EM131779916

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