Washington Exchange Company completed the following long-term investment transactions during 20X6:
At year end the current market value of the Tomassini stock is $30,600. The market value of the Fellingham stock is $652,000.
1. For which investment is current market value used in the accounting? Why is market value used for 1 investment and not the other? (pp. 541–542, 545)
2. Show what Washington would report on its year-end balance sheet and income statement for these investment transactions. It is helpful to use a T-account for the Long-Term Investment in Fellingham Stock account. Ignore income tax. (pp. 542–543, 546)
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