Hybrid Corporation began operations in 2018 and during that year purchased equity investments. It owns...
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Accounting
Hybrid Corporation began operations in 2018 and during that year purchased equity investments. It owns less than 20% of the voting shares for all companies whose stock it purchased. The year-end cost and fair values for its long-term investments in equity stock are shown below:
Cost Fair Value
December 31, 2018 $200,000 $180,000
December 31, 2019 $340,000 $375,000
December 31, 2020 $100,000 $ 60,000
Prepare journal entries to record each year-ends fair value adjustment for the above securities.
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