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Problem 2- Gooden Company purchased a portfolio of stock in 2022. The cost and current...

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Accounting

Problem 2- Gooden Company purchased a portfolio of stock in 2022. The cost and current market value of the stock on 12/31/22 is as follows; Stock Cost Current Market Value ABC $40,000 $44,800 CBS $37,500 $33,700 NBC $40,000 $37,000 Total $117,500 $115,500 Required: Prepare the necessary 12/31/22 adjusting entry

Problem 3 Assume the same information from problem 2 for Gooden Company, except that the current market value of the NBC stock is $42,000 instead of $37,000. Now prepare the 12/31/22 adjusting entry

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