Bramble Corporation purchases equity securities costing $ 66,200. At December 31, the fair value of the portfolio is $ 58,100. Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (Cr
Bramble Corporation purchases equity securities costing $ 66,200. At December 31, the fair value of the portfolio is $ 58,100. Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (Cr
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bramble Corporation purchases equity securities costing $ 66,200. At December 31, the fair value of the portfolio is $ 58,100.
Prepare theadjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (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.)
Prepare the
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Account Titles and Explanation
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Debit
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