Problem 15-7 (ACP) Chaplain Company was very active in acquiring and selling investments in equity securities. Data regarding the securities are: Cost Market value December 31, 2020 Trading securities Securities not held for trading 5,000,000 3,000,000 4,600,000 3,100,000 December 31, 2021 Trading securities Securities not held for trading 5,000,000 3,000,000 5,500,000 3,300,000 The entity made an irrevocable election to present changes in fair value of the securities not held for trading in other comprehensive income. Required: Prepare journal entries to recognize the changes in market value for 2020 and 2021.
Problem 15-7 (ACP) Chaplain Company was very active in acquiring and selling investments in equity securities. Data regarding the securities are: Cost Market value December 31, 2020 Trading securities Securities not held for trading 5,000,000 3,000,000 4,600,000 3,100,000 December 31, 2021 Trading securities Securities not held for trading 5,000,000 3,000,000 5,500,000 3,300,000 The entity made an irrevocable election to present changes in fair value of the securities not held for trading in other comprehensive income. Required: Prepare journal entries to recognize the changes in market value for 2020 and 2021.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter13: Marketable Securities And Derivatives
Section: Chapter Questions
Problem 26P
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