Reference no: EM132598652
Question 1) On January 2, Yorkshire Company acquired 33% of the outstanding stock of Fain Company for $360,000. For the year ended December 31, Fain Company earned income of $94,000 and paid dividends of $29,000.
Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.
Question 2) On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31, the cost of the trading securities portfolio was $69,200, and the fair value was $70,700.
Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.
Question 3) On January 1, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, the cost of the available-for-sale securities was $99,000, and the fair value was $101,710.
Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31.
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