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prepare sterling’s december 31 year-end adjusting entry to report its stock investments with insignificant influence at fair value. 2. after the fair value adjustment is made, prepare the assets section of sterling’s december 31 year-end classified balance sheet. assume sterling plans to sell its stock investments with insignificant influence within the next two months of the upcoming year. 3. in which income statement section is the unrealized gain or loss on the portfolio of stock investments with insignificant influence reported?

Sagot :

Sterling’s December 31 year-end adjusting entry to report its stock investments is

1) Journal Entry:-

Particulars Debit($) Credit($)

Fair Value Adjustment A/c ($25000-(1000*$23)) 2000  

Unrealized Holding Gain (Income Statement)   2000

   

2) Asset Section of Balance Sheet:-

Assets Amount($)

Short Term Investment:-  

Investment in Shares of LDX 23000

Add: Fair Value Adjustment 2000

Total 25000

3) In Income Statement Section Unrealized Holding Gain is reported under Other Comprehensive Income.

Unrealized Holding Gain Amount = $2000

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