Prior to 2010, Brooks invested $22,553,000 in Norton Industries and has not chan

ID: 2443116 • Letter: P

Question

Prior to 2010, Brooks invested $22,553,000 in Norton Industries and has not changed its holdings this year. This investment in Norton Industries was valued at $21,523,000 on December 31, 2009. Brooks' 12% ownership of Norton Industries has a current market value of $22,258,000.(available for sale security)

need an adj journal entry for 2010

I got: Fair Value Adjust.(Avail.-for-Sale) 1325000

Unrealized Holding Gain or Loss-Equity 1325000

(Investment in available-for-sale securities.)

and the numbers were wrong; the accounts are correct

Explanation / Answer

The difference in the value of 2009 and 2010 is 735,000. So the entry should be made for this amount.

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Prior to 2010, Brooks invested $22,553,000 in Norton Industries and has not chan

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