On December 31, 2019, Culver Corp. provided you with the following pre-adjustment information regarding its...

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Accounting

On December 31, 2019, Culver Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking:

December 31, 2019
Investments Carrying Amount Fair Value
Moonstar Corp. shares $18,000 $17,500
Bilby Corp. shares 9,000 8,300
Radius Ltd. shares 18,400 19,000
Total portfolio $45,400 $44,800

During 2020, the Bilby Corp. shares were sold for $8,500. The fair values of the securities on December 31, 2020, were as follows: Moonstar Corp. shares $17,700 and Radius Ltd. shares $18,900. The company does not recognize and report dividends and other components of investment gains and losses separately.

Prepare the journal entry to record the sale of the Bilby Corp. shares during 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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