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27 November, 13:51

Culver Company has a stock portfolio valued at $3,500. Its cost was $2,700. If the Fair Value Adjustment account has a debit balance of $140, prepare the journal entry at year-end. (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 0 for the amounts.)

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  1. 27 November, 14:08
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    Dr Fair Value Adjustment (Available-for-Sale) $660

    Cr Unrealized Holding Gain or Loss-Equity $660

    Explanation:

    Culver Company Journal entry

    Dr Fair Value Adjustment (Available-for-Sale) $660

    Cr Unrealized Holding Gain or Loss-Equity $660

    Fair Value Adjustment (Available-for-Sale)

    Debit Balance $140

    Adjustment $660

    ($3,500-$2,840)

    Balance 800
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