1 answer

Following is a list of investments owned by Tamarisk Ltd., as of the company’s year-end, December...

Question:

Following is a list of investments owned by Tamarisk Ltd., as of the company’s year-end, December 31, 2020:

Investment No. Shares Cost Fair Value
HFX Corporation 900 $9.00 $8.00
FDY Ltd. 2,400 6.80 6.85
CTN Corporation 3,400 6.10 6.80

On January 15, 2021, Tamarisk sold the shares in CTN Corporation for $7.25 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 15, 2021

(To adjust to current fair value)

(To record the sale of shares)

(Reclassification unrealized gain)


Answers

Total Fair Value Adjustment No. of Shares Fair Value 11 Year 1 Cost HFX Corporation 12 7,200 (900) 900 8,100 FDY Ltd 120 13 2Total Fair Value Adjustment Fair Value Year 1 No, of Shares 33 Cost HFX Corporation FDY Ltd. (900) 34 900 8,100 7,200 35 2400

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