Asignment
On December 21, 2017, Swifty Company provided you with the following information regarding its equality investments
December 31, 2017
Investments (trading) Cost Fair Value Unrealized Gain (loss)
Clemon Corp stock $19,200 $18,300 $(900)
Colorado co stock 9,300 8,300 (1,000)
Buffaloes co stock 19,200 19,790 590
total of portfolio 47,700 $46,390 1,310
Fair value adjustments-Cr $1,310
During 2018, Calorado Company stock was sold for $ 8,840. The fair value of the stock on December 31, 2018, was Clemson corp. stock- $18,400; Buffaloes co stock- $19,680. None of the equity investments result in significant influence.
(a) Prepare the adjusting journal entry needed on December 31, 2017.
(b) Prepare the journal entry to record the sales of the Colorado co stock during 2018
(c) Prepare the adjusting journal entry needed on December 31, 2018