At January 1, 2014, the non-trading securities portfolio held by Howe Corporation consisted of the following investments:
1. 2,500 ordinary shares of Nyland purchased for $42 per share.
2. 1,500 ordinary shares of Gregg purchased for $60 per share.
At December 31, 2014, the fair values per share were Nyland $36 and Nyland $66.
Instructions
(a) Prepare a schedule showing the cost and fair value of the portfolio at December 31, 2014.
(b) Prepare the adjusting entry to report the portfolio at fair value at December 31, 2014.
Correct Answer:
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