During the most recent year, Quinn Co. bought 2,800 shares of Germana-Hall at $35, 590 shares of Barlengo stock at $45.50, and 1,000 shares of Frumley stock at $70. At December 31, Hoover’s Online reports Germana-Hall stock at $28.13, Barlengo at $48.00, and Frumley at $63.25. Quinn does not own more than 10% of the outstanding stock in any of its investments.
Requirements
1. Determine the cost and the fair value of the long-term investment at December 31.
2. Record Quinn’s adjusting entry at December 31.
3. What would Quinn report on its income statement and at year-end for the information given? Ignore income taxes.
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