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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Refer to the information in RE13-11. Assume that on December 31, 2019, the investment in Cornett Company stock has a market value of $10,500. Prepare the year-end journal entry to record the unrealized gain or loss.

To determine

Prepare the journal entry to record the unrealized gain or loss in the books of Incorporation S for the year end.

Explanation

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Prepare the journal entry to record the unrealized gain or loss in the books of Incorporation S for the year end.

DateAccount title and explanationDebit ($)Credit ($)
 Unrealized holding gain/loss: Equity securities1,500 
 Investment in equity securities 1,500
 (To record the unrealized holding...

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