Question

cannot get this value right. it is not 12 or 21

3. Prepare any additional Journal entry necessary for Tanner-UNF to report its Investment in the December 31, 2018, balance sheet. 4. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the Investment on January 2, 2019, for $200 million. Prepare the journal entries to record the sale. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2019, for $200 million. Prepare the journal entries to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (l.e., 5,500,000 should be entered as 5.5)-) Show less A View transaction list Journal entry worksheet Record the entry to adjust the fair value. Note: Enter debits before credits. Credit Debit General Journal Event 21.0 Unrealized holding loss-NI 21.0 Fair value adjustment Next > 2 of 3 < Prev MacBook

Answer 1

Tanner - UNF Book8 O ) Every Investment should be of fair value on the Date of valued on the bas is Balance sheet. IP any Differences Between in the BoOk8 and there the dnvestment value fair value of Investment. The Difference Retained Earnings will be charged to account (L4) Da te Jan 2, 2019 Tanner- UNf ready to for the Investrment sel $ 200 millin. Purchase value of Investment pate of as on Cor) sale 2-1-20)19 value of Lnves tmenty is Based on the Belocu Journal Entny the will we of Investment. find E valle unrealis ed hobling Loss -NI alc TO fair Kalue adJusment alc 21 21 $200 million Sale value Loss on $21 million holding value af Investment in Book S 4 $221 million

Journal Entsy Date af sale on ie, 2-1- 2019 alc Bank $200 million DY Loss Holding of Investment jak on $ 21 million OY $221 million Investment To CBeing Investment valuing $221 s0ld for Loss), The Loss on Holding of Investimeny should be charged to the Retaired Eaming 8.