Weygandt, Accounting Principles, 12e principles or Accounting r e & Practice Ass

Question

Weygandt, Accounting Principles, 12e principles or Accounting r e & Practice Assignment Gradebook ORION Downloadable eTextbook FULL SCREEN PRINTER VERSION BACK NEXT RCES Brief Exercise 16-4 The cost of the trading securities of Munoz Company at December 31, 2017, is $54,000. At value of the securities is $51,600. December 31, 2017, the fair Prepare the adjusting entry to record the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No entry titles and enter 0 for the amounts.) for the account Date Account Titles and Explanation Dec. 31 Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attemptsi O of 6 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

SOLUTION

Journal Entry to record the securities at fair value-

Date Accounts title and Explanation Debit ($) Credit ($) Dec.31 Unrealized loss-income ($54,000 - $51,600) 2,400   Fair value Adjustment-Trading 2,400

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