Practice Exercise 17-3 On December 21, 2017, Skysong Company provided you with the following information...
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Practice Exercise 17-3 On December 21, 2017, Skysong Company provided you with the following information regarding its equity investments. Unrealiz Ga (Loss) Securities Cost Fair Value $(3,620) SC Corp. stock $36,800 33,180 58,080 6,180 True Co. stock 51,900 Plus, Inc. stock 28,811 (289 29,100 $117,800 $120,071 Total of portfolio 2,271 Previous fair value adjustment balance $2,271 Fair value adjustment Dr. During 2018, the Plus, Inc. stock was sold for $29,570. The fair value of the stock on December 31, 2018, was: SC Corp. stock-$33,590; True Co. stock-$54,320. one of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2017. (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 o for the amounts.) Date Account Titles and Explanation Dec. 31, 2017
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