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(Solved): On December 21. 2020, Culiumber Company provided you with the following information regardingits eq ...




On December 21. 2020, Culiumber Company provided you with the following information regardingits equity investments.
During 2
During 2021, Colorade Co, stock was sold for \( \$ 10.140 \). The fair value of the stock on December 31, 2021, was Clemson C
On December 21. 2020, Culiumber Company provided you with the following information regardingits equity investments. During 2021. Colorado Co, stock was sold for \( \$ 10,140 \). The fair value of the stock on December 31, 2021, was Clewson Corp. stock\( \$ 20.790 \); Butfaloes Co, stock-\$22,110. None of the equity imvestments result in significant influence- (a) Prepare the adjusting journal entry needed on December 31, 2020. (b) Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. (c) Prepare the adjusting journal entry needed on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is reauired. select 'No Entry" for the account titles and enter 0 for the amounts.) During 2021, Colorade Co, stock was sold for \( \$ 10.140 \). The fair value of the stock on December 31, 2021, was Clemson Corp. stock\( \$ 20,790 ; \) Buffaloes Co.stock \( \$ \$ 22,110 \). None of the equity investments result in significant influence. (a) Prepare the adjusting journal entry needed an December \( 31,2020 \). (b) Prepare the joarnal entry to record the sale of the Colorado Co, stock during 2021. (c) Prepare the adjusting joumal entry needed on December 31, 2021. (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 \( O \) for the amounts.)


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A. ADJUSTING JOURNAL ENTRY NEEDED ON DECEMBER 31,2020:- PARTICULARS DEBIT CREDIT OTHER COMPREHENSIVE LOSS (EXPENSES) (UNREALISED LOSS)A/C $1,400.00 TO
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