The following information is available for Quigley Company at December 31, 2025, regarding its investments: Securities Cost Fair Value 500 shares of Runner Corporation common stock $25,000 $40,000 7,000 shares of Sher-tor Corporation preferred stock $650,000 $620,000 $675,000 $660,000 The company did not have any investments prior to 2025. Instructions Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. PLEASE SHOW WORK

The following information is available for Quigley Company at December 31, 2025, regarding its investments: Securities Cost Fair Value 500 shares of Runner Corporation common stock $25,000 $40,000 7,000 shares of Sher-tor Corporation preferred stock $650,000 $620,000 $675,000 $660,000 The company did not have any investments prior to 2025. Instructions Prepare the adjusting entry (if any) for 2025, assuming neither investment results in significant influence over the companies whose equity is held. PLEASE SHOW WORK

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 17P

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urnalize transactions and adjusting P16.3 (LO 2, 3) On December 31, 2019, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. ury for shaare investments. Ordinary Shares Shares Cost Carlene Co. 2,000 £60,000 Riverdale Co. 5,000 45,000 Raczynski Co. 1.500 30,000 On December 31. 2019, the total fair value of the securities was equal to its cost. In 2020, the follow ing transactions occurred. Aug. I Sept. I Oct. Received £0.70 per share cash dividend on Carlene Co, ordinary shares. Sold 2,000 ordinary shares of Riverdale Co. for cash at €8 per share. Sold 800 ordinary shares of Carlene Co. for cash at £33 per share. Problems 16-35 Nov. 1 Received £1 per share cash dividend on Raczynski Co. ordinary shares. Received £0.70 per share cash dividend on Carlene Co. ordinary shares. 31 Dec. 15 Received £1 per share annual cash dividend on Riverdale Co. ordinary shares. At December 31, the fair…