Reference no: EM132477398
Problem - Entries for Equity Investments
The following information is available for Kinney plc at December 31, 2019, regarding its investments.
Investments Cost Fair Value
3,000 ordinary shares of Petty Corporation. 40,000 46,000
1,000 preference shares of Dowe Incorporated 25,000 22,000
65,000 68,000
a. Please prepare the adjusting entry (if any) for 2019, assuming the investments are classified as trading.
b. Please prepare the adjusting entry (if any) for 2019, assuming the investments are classified as non-trading.
c. Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).
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Problem - Entries for Equity Investments
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