ABC Inc. made the following share purchases during 2012:
123 Inc: 400 shares @ $50 per share $20,000
456 Inc: 200 shares @ $60 per share $12,000
The 123 Inc shares were designated as FVTOCI while the 456 Inc shares were designated as FVTPL.
On December 31st, 2012, the market values of the 123 Inc. and 456 Inc. shares were $52 and $66 per share respectively.
Required:
Prepare the required adjusting journal entries at December 31st, 2012.
Correct Answer:
Verified
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