Multiple Choice
On May 15, 2017, Grey Corp.purchased 1,000 common shares of Regal Bank for $32,000, as a Fair Value through Other Comprehensive Income (FV-OCI) equity investment.At December 31, 2017, the fair value of these shares was $35,400.The required adjusting entry to reflect this fact is
A) debit Fair value-OCI Investment, credit Holding Gain on Investment (OCI) $35,400.
B) debit Holding Gain on Investment (OCI) , credit Fair value-OCI Investment $35,400.
C) debit Fair value-OCI Investment, credit Holding Gain on Investment (OCI) $3,400.
D) debit Holding Loss on Investment (OCI) , credit Fair value-OCI Investment $3,400.
Correct Answer:
Verified
Correct Answer:
Verified
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