On December 31, 2020, the general ledger balance of Shark Corp.'s stock investment portfolio, which...
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Accounting
On December 31, 2020, the general ledger balance of Shark Corp.'s stock investment portfolio, which is classified as fair value through net income (FV-NI), is $318,600. The controller determines that the fair value of this portfolio on December 31 should be $326,200. The adjusting entry for the portfolio will include:
Question 6 options:
DR Investment Loss $7,600
DR FV-NI Investments $7,600
CR FV-NI Investments $7,600
CR Cash $7,600
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