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DanielleElmas [232]
3 years ago
7

Bridgeport Company buys and sells securities expecting to make money on short-term price movements. Bridgeport purchased 150,000

shares of Intel common stock at $20 per share on December 1. On December 31, Intel common stock's market price was $23 per share. Select the appropriate adjusting journal entry on December 31, if any.a. Dr. Investment in Intel $450,000
Cr. Cash $450,000
b. Dr. Investment in Intel $450,000
Cr. OCI $450,000
c. No entry is needed.
d. Dr. Investment in Intel $450,000
Cr. Net unrealized holding gains/losses - (P&L) $450,000
Business
1 answer:
LenKa [72]3 years ago
8 0

Answer:

d. Dr. Investment in Intel $450,000 Cr. Net unrealized holding gains/losses - (P&L) $450,000

Explanation:

                           Adjusting journal entry

Date      Account titles and Explanation             Debit           Credit

Dec 31   Investment in Intel                                $450,000

              [($23-$20)*150000 shares]

                      Net unrealized holding gains/losses (P&L)      $450,000

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