80.2K

Verified Solution

Link Copied!

Culver Companys investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of $205,000. Prepare the adjusting entry.

Options: (must be from this list)

Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bonds Payable Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Cost of Goods Sold Debt Investments Discount on Bonds Payable Dividends Dividend Revenue Dividends Payable Equipment Fair Value Adjustment-Available-for-Sale Fair Value Adjustment-Trading Fair Value Adjustment-Non-Trading Gain on Sale of Debt Investments Gain on Sale of Stock Investments Goodwill Income Tax Expense Income Taxes Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Debt Investments Loss on Sale of Stock Investments No Entry Notes Payable Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Premium on Bonds Payable Prepaid Insurance Retained Earnings Revenue from Stock Investments Short-Term Investment Stock Dividends Stock Investments Unrealized Gain or Loss-Equity Unrealized Gain on Non-Trading Unrealized Gain-Income Unrealized Loss-Income

Question 15 Your answer is partially correct. Try again. Culver Company's investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of $205,000. Prepare the adjusting entry. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit Fair Value Adjustment-Trac 10000 Unrealized Gain on Non 10000

Answer & Explanation Solved by verified expert

See Answer