Texan Textiles invested in two equity securities in December 2018. Neither investment represented significant influence. The company's fair value adjustment account has a balance of $0. The following information related to these securities:
$$\begin{array} { c c c c }
\text { Security } & \text { Purchase Date } & \text { Cost } & \text { Fair Value - 12/31/18 } \
\hline 1 & 12 / 1 / 18 & \$ 27,300 & \$ 32,500 \
2 & 12 / 3 / 18 & 44,600 & 37,750
\end{array}$$
Record journal entries needed for December relating to these securities.

Question

Texan Textiles invested in two equity securities in December 2018. Neither investment represented significant influence. The company's fair value adjustment account has a balance of $0. The following information related to these securities:
$$\begin{array} { c c c c } 
\text { Security } & \text { Purchase Date } & \text { Cost } & \text { Fair Value - 12/31/18 } \
\hline 1 & 12 / 1 / 18 & \$ 27,300 & \$ 32,500 \
2 & 12 / 3 / 18 & 44,600 & 37,750
\end{array}$$ 
Record journal entries needed for December relating to these securities.

Quizplus · Accepted Answer

The Answer of Texan Textiles invested in two equity securities in December 2018. Neither investment represented significant influence. The company's fair value adjustment account has a balance of $0. The following information related to these securities:
$$\begin{array} { c c c c } 
\text { Security } & \text { Purchase Date } & \text { Cost } & \text { Fair Value - 12/31/18 } \
\hline 1 & 12 / 1 / 18 & \$ 27,300 & \$ 32,500 \
2 & 12 / 3 / 18 & 44,600 & 37,750
\end{array}$$ 
Record journal entries needed for December relating to these securities.

Texan Textiles Invested in Two Equity Securities in December 2018