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The following was reported by Church Financial in its December 31, 2021, financial statements:

Investments at FVTPL, December 31, 2020		$11,400
Investments at FVTPL, December 31, 2021		15,600
Investment Income or (Loss)		(500)

Additional information:

1.		The investments at FVTPL are investments in equity securities held for trading purposes.
2.		Investment income or loss consists of: holding gain on the FVTPL investments of $2,600, and loss on sale of the FVTPL investments of $3,100.
3.		The carrying amount of the FVTPL investment sold was $4,200.

What is the cash amount received on the sale of the investment?

Amount received on the sale of the investment

$enter a dollar Amount received on the sale of the investment

Question Part Score

--/1

Prepare the journal entries that were recorded by Church to record the sale of the investment and the holding gain on fair value adjustment at December 31, 2021. (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.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record sale of investment on December 31

	enter a debit amount	enter a credit amount
	enter an account title to record sale of investment on December 31

	enter a debit amount	enter a credit amount
	enter an account title to record sale of investment on December 31

	enter a debit amount	enter a credit amount
	(To record sale of investment.)
Dec. 31	enter an account title to record fair value adjustment on December 31

	enter a debit amount	enter a credit amount
	enter an account title to record fair value adjustment on December 31

	enter a debit amount	enter a credit amount
	(To record fair value adjustment.)

Question Part Score

--/3

Calculate the amount of investments purchased in 2021.

Investments purchased

$enter Investments purchased in dollars

Prepare the entry to record the purchase. (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.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record purchase of investment on December 31

	enter a debit amount	enter a credit amount
	enter an account title to record purchase of investment on December 31

	enter a debit amount	enter a credit amount
	(To record purchase of investment.)

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