Cheyenne Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost Fair Value5,000 shares of Thomas Corp., Common $152,000 $140,00010,000 shares of Gant, Common 182,000 190,100 $334,000 $330,100All of the securities had been purchased in 2021. In 2022, Cheyenne Corp. completed the following securities transactions:March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.April 1 Bought 610 shares of Werth Stores, Common @ $47 plus fees of $500.The Cheyenne Corp. portfolio of equity securities appeared as follows on December 31, 2022: Cost Fair Value10,000 shares of Gant, Common $182,000 $193,000610 shares of Werth Stores, Common 29,170 27,120 $211,170 $220,120My question is in the pictures. The second entry, b. (a)Your answer has been saved. See score details after the due date.Prepare the general journal entry for Cheyenne Corp. for the 2021 adjusting entry. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts.)DateAccount Titles and ExplanationDebitCredit12-31-21Unrealized Holding Gain or Loss - Income3900Fair Value Adjustment3900Attempts: 1 of 1 used(b) (b)Prepare the general journal entry for Cheyenne Corp. for the sale of the Thomas Corp. stock. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)DateAccount Titles and ExplanationDebitCredit3-1-22Save for LaterAttempts: 0 of 1 usedSubmit Answer(c)

CALCULATIONS : CASH : = (5,000 X $31) - $1,500 = $153,500 EQUITY INVESTMENT : = GIVEN IN…

Answered: Prepare the general journal entry for…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 10P: At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2...

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Cheyenne Corp. has the following securities in its portfolio of equity securities on December 31, 2021:

	Cost	Fair Value
5,000 shares of Thomas Corp., Common	$152,000	$140,000
10,000 shares of Gant, Common	182,000	190,100
	$334,000	$330,100

All of the securities had been purchased in 2021. In 2022, Cheyenne Corp. completed the following securities transactions:

March 1		Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.
April 1		Bought 610 shares of Werth Stores, Common @ $47 plus fees of $500.

The Cheyenne Corp. portfolio of equity securities appeared as follows on December 31, 2022:

	Cost	Fair Value
10,000 shares of Gant, Common	$182,000	$193,000
610 shares of Werth Stores, Common	29,170	27,120
	$211,170	$220,120

My question is in the pictures. The second entry, b.

(a)
Your answer has been saved. See score details after the due date.
Prepare the general journal entry for Cheyenne Corp. for the 2021 adjusting entry. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for
the amounts.)
Date
Account Titles and Explanation
Debit
Credit
12-31-21
Unrealized Holding Gain or Loss - Income
3900
Fair Value Adjustment
3900
Attempts: 1 of 1 used
(b)

(b)
Prepare the general journal entry for Cheyenne Corp. for the sale of the Thomas Corp. stock. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
3-1-22
Save for Later
Attempts: 0 of 1 used
Submit Answer
(c)

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