Prepare the necessary adjusting general journal entry for December 31, 2021, to reflect the investments change in fair value.
During 2019, Larson Company received no additional dividend nor did it sell any of its equity investments. As of December 31, 2021, the fair values of the equity securities owned by Larson Compnay are as follows:
Cost Fair Value
1,000 shares of DeChambeau Corp., Common $114,000 $125,000
3,000 shares of Hovland, Inc., Common 253,000 266,000
$367,000 $391,000
Prepare the necessary adjusting general
| Date | Account | Debit | Credit |
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