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Question - At December 31, 2021, the trading investments for Splish Brothers Inc., are as follows:
Security
Investment Category
Carrying Value
Fair Value
Co. A common shares
FVTPL
$16,500
$14,400
Co. B preferred shares
11,300
12,500
Co. C common shares
FVTOCI
20,500
17,100
Totals
$48,300
$44,000
Required -
1. Prepare the adjusting entries required at December 31 to report the above investments at fair value.
2. Show the financial statement presentation of the investments and the holding gains and losses that result from fair value adjustments at December 31, 2021. (Ignore income tax.)
3. Assuming that on March 20, 2022, Splish Brothers sold Co. B preferred shares for $12,200, prepare the journal entry to record this transaction.
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