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On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities.
31-Dec-13
Investments (Trading)
Cost
Fair Value
Unrealized Gain (Loss)
Clemson Corp. stock
$20,000
$19,000
($1,000)
Colorado Co. stock
10,000
9,000
-1,000
Buffaloes Co. stock
20,000
20,600
600
Total of portfolio
$50,000
$48,600
-1,400
Previous fair value adjustment balance
0
Fair value adjustment-Cr
($1,400)
During 2014, Colorado Company stock was sold for $9,400. The fair value of the stock on December 31, 2014, was Clemson Corp. stock-$19,100; Buffaloes Co. stock-$20,500.
(a) Prepare the adjusting journal entry needed on December 31, 2013.(b) Prepare the journal entry to record the sale of the Colorado Company stock during 2014.(c) Prepare the adjusting journal entry needed on December 31, 2014.
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