Business, 30.10.2021 14:00 jmullins3611

(Fair Value Measurement) Presented below is information related to the purchases of common stock by Lilly Company during 2017. (Assume a zero balance for any Fair Value Adjustment account.) Cost (at purchase date) Fair Value (at December 31) Investment in Arroyo Company stock 100,000 80,000 Investment in Lee Corporation stock 250,000 300,000 Investment in Woods Inc. stock 180,000 190,000 Total 530,000 570,000 a. What entry would Lilly make at December 31, 2017, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option

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