am.104. Lark Depot has two equity securities in which it has less than a 20% ownership interest and therefore has little or no influenceover these companies.InvestmentsCostFair ValueUnrealized Gain (Loss)Sun Enterprises$82,350$83,850$1,500Angle Co.12,40011,530(870)Totals$94,750$95,380$630Prepare the adjusting entry required at year end. (List debit entry before credit entry. If no entry is required, select "No entry" for theaccount titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indentmanually.)DateAccount Titles and ExplanationDec. 31DebitCredit

Investment means an asset purchased in expectation of earning a return on such investment in future…

Lark Depot has two equity securities in which it has less than a 20% ownership interest and therefore has little or no influence over these companies. Investments Cost Fair Value Unrealized Gain (Loss) Sun Enterprises $82,350 $83,850 $1,500 Angle Co. 12,400 11,530 (870) Totals $94,750 $95,380 $630

Lark Depot has two equity securities in which it has less than a 20% ownership interest and therefore has little or no influence over these companies. Investments Cost Fair Value Unrealized Gain (Loss) Sun Enterprises $82,350 $83,850 $1,500 Angle Co. 12,400 11,530 (870) Totals $94,750 $95,380 $630

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 9MCQ

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