On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Stock Investments Cost Fair Value Apple stock $ 5,700 $ 9,300 Chipotle stock 3,300 1,600 Under Armour stock 12,900 13,700 Prepare the December 31 adjusting entry to report these investments at fair value.

Journal Entries

Dr. Investment in Apple stock                  $3,600

Dr. Investment in Under Armour stock    $800

Cr. Investment in Chipotle stock              $1,700

Cr. Unrealized gain Investments              $2,700

Explanation:

The Investments held at the fair value should be revalued at each period end and record the gain or loss arising from the fair value adjustments. This done to present the true position of the investments . Increase in the fair value as compared to prior value or cost will result as gain and decrease as loss.

Following is the working to make fair value adjustment.

                                   Cost        Fair Value   Difference

Apple stock               $5,700     $9,300         Increased by $3,600

Chipotle stock           $3,300     $1,600         Decreased by $1,700

Under Armour stock $12,900    $13,700       Increased by $800

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