Problem 15-4 (IAA) Transitory Company acquired the following equity securities: December 31, 2020 Cost Market...
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Problem 15-4 (IAA) Transitory Company acquired the following equity securities: December 31, 2020 Cost Market Moon Company 200,000 120,000 Star Company 400,000 280,000 Sun Company 600,000 650,000 December 31, 2021 Moon Company 200,000 220,000 Star Company 400,000 300,000 Sun Company 600,000 580,000 The equity securities do not qualify as held for trading. The entity has elected irrevocably to present changes in fair value in other comprehensive income. Required: Prepare journal entries on December 31, 2020 and December 31, 2021
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