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On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.

December 31, 2012

Investments (Trading)

Cost

Fair Value

Unrealized Gain (Loss)
Stargate Corp. stock
$23,960
$22,960
$(1,000 )
Carolina Co. stock
12,470
11,470
(1,000 )
Vectorman Co. stock
23,960
24,580
620
Total of portfolio
$60,390
$59,010
(1,380 )
Previous fair value adjustment balance




0
Fair value adjustment-Cr.




$(1,380 )

During 2013, Carolina Company stock was sold for $12,000. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock-$23,240; Vectorman Co. stock-$24,440.

(a)
Prepare the adjusting journal entry needed on December 31, 2012.
(b)
Prepare the journal entry to record the sale of the Carolina Company stock during 2013.
(c)
Prepare the adjusting journal entry needed on December 31, 2013.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9945498

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