On its December 31, 2020, balance sheet, Cullumber Company reported its investment in equity securities, which had cost $720000, at fair value of $656000. At December 31, 2021, the fair value of the securities was $693000. What should Cullumber report on its 2021 income statement as a result of the increase in fair value of the investments in 2021?

On its December 31, 2020, balance sheet, Cullumber Company reported its investment in equity securities, which had cost $720000, at fair value of $656000. At December 31, 2021, the fair value of the securities was $693000. What should Cullumber report on its 2021 income statement as a result of the increase in fair value of the investments in 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 7RE: Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith...

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