Class Specifi + CLA Annotated B WOMEN EM WileyPLLX THE LIVED E http://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MyWileyPLUS I Help I Contact Us I INTERMED. ACCOUNTING (ACC 3110/ Kieso, Intermediate Accounting, 16e ice Downloadable eTextbook Gradebook Assignment ORION ment BACK PRINTER VERSION FULL SCREEN CALCULATOR Exercise 17-22 Whispering Company has the following investments as of December 31, 2017: $1,570,000 Investments in common stock of Laser Company Investment in debt securities of FourSquare Company $3,180,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2017. Whispering's stock investments does not result in significant influence on the operations of Laser Company. Whispering's debt investment is considered held-to-maturity. At December 31, 2018, the shares in Laser Company are valued at $1,120,000; the debt investment securities of FourSquare are valued at $2,310,000. Assume that these investments are considered impaired. Your answer is correct. Prepare the journal entries for these two securities at December 31, 2018, assuming that they are permanently impaired. (Credit account titles are automatically indented when 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.) Credit Debit Account Titles and Exnlanation Date 11:16 PM search 10/15/2019 Print Scre X F4 F9 F10 F12 F11 F8 FO F5 & % 7 5 4 O P U Y *CO 2 Class Specifi CLA Annotated B WileyPL X + THE LIVED E WOMEN EM http://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MyWileyPLUS I Help I Contact Us Kieso, Intermediate Accounting, 16e INTERMED. ACCOUNTING (ACC 3116 Gradebook Assignment Downloadable eTextbook ORION ce hent 4 ВАСK PRINTER VERSION BACK FULL SCREEN CALCULATOR Your answer is partially correct. Try again. Prepare the journal entries at December 31, 2018, assuming these securities are not permanently impaired. (Ignore interest revenue entries.) (Credit account titles are automatically indented when 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 Date Debit Credit Dec. 31, 2018 Fair Value Adjustment 350,000 Unrealized Holding Gain or Loss Income 350,000 (Entry for investments in Laser Company) Unrealized Holding Gain or Loss Income 450,000 Equity Investments 450,000 (Entry for investments in FourSquare Company) 11:16 PM search 10/15/2019 X F4 Print Screen F6 F9 F8 F10 F5 F11 F12 *k & % + 7 4 5 0 Y U P