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Question - On December 31, 2016, Whispering Winds Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking:
Investments
Carrying Amount
Fair Value
Moonstar Corp. shares
$21000
$20300
Bilby Corp. shares
$10500
$9600
Radius Ltd. shares
$21400
$22000
Total portfolio
$52900
$51900
During 2017, the Bilby Corp. shares were sold for $10,000. The fair values of the securities on December 31, 2017, were as follows: Moonstar Corp. shares $21,200 and Radius Ltd. shares $22,500. Dividends and other investment income and losses are all reported in one investment income account.
Required -
1. Prepare the adjusting journal entry needed on December 31, 2016.
2. Prepare the journal entry to record the sale of the Bilby Corp. shares during 2017.
3. Prepare the adjusting journal entry needed on December 31, 2017.
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