Solved: Prepare the adjustment journal entry needed on december 31, Accounting Basics

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Prepare the adjustment journal entry needed on december 31

Assignment

On December 21, 2017, Swiftly Company provided you with the following information regarding it equity.

December 31, 2017

Investments (trading) Cost Fair value Unrealized Gain (loss)

Clemson Corp. stock $19,200 $18,300 $(900)

Colorado co stock 9,300 8,300 (1,000)

Buffaloes co sock 19,200 19,790 590

Total of Portfolio $47,700 $46,390 (1,310)

Previous fair value adjustment balance 0

Fair value adjustments_Cr $1,310

During 2018, Colorado 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 investment result in significant influence.

(a) Prepare the adjustment journal entry needed on December 31, 2017

(b) Prepare the journal entry to record the sale of the Colorado co stock during 2018

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Accounting Basics: Prepare the adjustment journal entry needed on december 31

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