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What is the adjusting journal entry of whispering company

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Reference no: EM132421244

Problem: On December 21, 2020, Whispering Company provided you with the following information regarding its equity investments.

Investments (Trading) Cost Fair Value Unrealized Gain (Loss)

Clemson Corp. stock $19,900 $19,000 $(900)

Colorado Co. stock 10,100 9,100 (1,000)

Buffaloes Co. stock 19,900 20,460 560 

Total of portfolio $49,900 $48,560 (1,340)

Previous fair value adjustment balance 0 

Fair value adjustment-Cr. $(1,340)

During 2021, Colorado Co. stock was sold for $9,590. The fair value of the stock on December 31, 2021, was Clemson Corp. stock-$19,100; Buffaloes Co. stock-$20,360. None of the equity investments result in significant influence.

Question 1: What is the adjusting journal entry needed on December 31, 2020?

Question 2: What is the journal entry to record the sale of the Colorado Co. stock during 2021?

Question 3: What is the adjusting journal entry needed on December 31, 2021?

Reference no: EM132421244

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