Reference no: EM132484445
Question - Eilish Enterprises purchased 15% of the outstanding stock of Del Ray Company. Eilish paid $9 per share to acquire 10,000 shares and will treat this purchase as available-for-sale securities. Par value of the stock is $1. Eilish uses a calendar year, and on December 31, the market value of Del Ray stock is $12 per share. What is the entry Eilish needs to make on December 31?
A) no entry is required because the stock has not been sold
B) debit unrealized gain on available-for-sale securities, $30,000; credit available-for-sale securities, $30,000.
C) debit available-for-sale securities, $30,000; credit unrealized gain on available-for-sale securities, $30,000.
D) debit available-for-sale securities, $20,000; credit unrealized gain on available-for-sale securities, $20,000.
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