Following is a list of investments owned by Culver Ltd., as of the company’s year-end, December 31, 2020:
|
Investment |
No. Shares |
Cost |
Fair Value |
|||
|
HFX Corporation |
900 |
$8.00 |
$7.00 |
|||
|
FDY Ltd. |
2,800 |
6.00 |
6.05 |
|||
|
CTN Corporation |
4,000 |
6.30 |
7.10 |
On January 15, 2021, Culver sold the shares in CTN Corporation for $7.60 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (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.)
Homework Answers
| Date | Account Titles and Explanation | Debit | Credit | |
| Jan 15, 2021 | FV-OCI Investments | $2,000 | ($30,400 - $4,000 x 7.10) | |
| Unrealized Gain or Loss - OCI | $2,000 | |||
| (To record to current fair value) | ||||
| Cash | $30,400 | |||
| FV-OCI Investments | $30,400 | |||
| (To record the sale of shares) | ||||
| Unrealized Gain or Loss - OCI | $5,200 | |||
| Retained Earnings | $5,200 | |||
| (To record Reclassification unrealized gain) | ||||
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