Reference no: EM132753492
Problem 1: 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?
Option A) no entry is required because the stock has not been sold
Option B) debit available-for-sale securities, $20,000; credit unrealized gain on available-for-sale securities, $20,000.
Option C) debit unrealized gain on available-for-sale securities, $30,000; credit available-for-sale securities, $30,000.
Option D) debit available-for-sale securities, $30,000; credit unrealized gain on available-for-sale securities, $30,000.
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