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The accounts of Cookie Lapp eTravel Inc at December 31 20X5 are listed in alphabetical order Required 1 All adjustments have been journalized and posted but the closing entries

At December 31, 2010, the equity investment portfolio for Wenger, Inc. is as follows.  On January 20, 2011, Wenger, Inc. sold investment Afor $15,300. The sale proceeds are net of brokerage fees. Instructions (a) Prepare the adjusting entry at December 31, 2010, to report the portfolio at fair value. (b) Show the statement of financial position presentation of the investment related accounts at December 31, 2010. (Ignore notes presentation.) (c) Prepare the journal entry for the 2011 sale of investment A. (d) Repeat requirement (a), assuming the portfolio of investments isnon-trading.

Jun 16 2020 View more View Less

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