The general ledger account since the acquisition

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Reference no: EM13906762

A company has notes receivable, classified as noncurrent that has a fair value of $920,000 at 12/31/14 and an acquisition cost of $710,000. Management decided at the acquisition date, to use the fair value option for this recently-acquired receivable, but has made no adjustments to the general ledger account since the acquisition..

Using the T-account template below, in T-account format:

Record the acquisition cost of the Note Receivable. Label it “BAL” for balance.

Record the adjusting entry, if any, at 12/31/14.

Reference no: EM13906762

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