At December 31, 2020, the trading securities for Sandhill, Inc. are as follows.

Question

At December 31, 2020, the trading securities for Sandhill, Inc. are as follows. Cost Fair Value $17,900 $15,700 14,000 18,800 $48,500 Security 12,000 22,900 $52,800 Your answer is correct. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account title automatically indented when amount is entered. Do not indent manually. If no entry is required, se entry" for the account titles and enter 0 for the amounts.) a) Date Account Titles and Explanation Debit Credit b) t w Dec. 31 Unrealized Gain or Loss-Income 4300 Fair Value Adjustment-Trading4300 Attempts: 2 of

Explanation / Answer

b)

Sandhill Inc. Balance sheet (partial) As on december 31,2020 Current assets Short term investment 48500 Sandhill Inc. Income statement For the year ended december 31,2020 Other revenue and Expenses Loss on sale of investment -4300

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