Pls assist asap, thank u in advance On June 30, 2015, MetroMedia, Inc. purchased
ID: 2500894 • Letter: P
Question
Pls assist asap, thank u in advance
On June 30, 2015, MetroMedia, Inc. purchased 12,000 shares of Mitek stock for $22 per share. The following information pertains to the fair value of Mitek stock:
On June 30, 2015, MetroMedia, Inc. purchased 12,000 shares of Mitek stock for $22 per share. The following information pertains to the fair value of Mitek stock: Per Share S 26 12/31/2015 12/31/2016 Required: Assume that management considers the stock to be available-for-sale securities. Prepare the journal entries required on each date given. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) transaction list view transa Journal E 1. Record the purchase of 12,000 shares of Mitek for $22 per share 123 2. Record the valuation adjustment if the fair value of Recon Mitek's common stock on December 31, 2015 is $26 per share 3. Record the valuation adjustment if the fair value of Date Mitek's common stock on December 31, 2016 is $33 per June 30, share = journal entry has been entered doExplanation / Answer
Date Account Title & Explanation Debit Credit June 30 2015 Investment in Miteck Stock: (12000*22) $264,000 Cash $264,000 Dec 31 2015 Investment in Miteck Stock: 12000*(26-22) $48,000 Unrealized Gain on Miteck Shares $48,000 Dec 31 2016 Investment in Miteck Stock: 12000*(33-26) $84,000 Unrealized Gain on Miteck Shares $84,000