At December 31, 2017, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security Cost...
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Show the balance sheet presentation of the investment-related accounts at December 31, 2017 |
Homework Answers
Below is the balance sheet: -
| SHAMROCK, INC. | |
| Balance Sheet | |
| at December 31, 2017 | |
| Current assets | |
| Debt Investments | 68,125 |
| Shareholders' Equity | |
| Common Stock | |
| Additional Paid in capital | |
| Retained Earnings | |
| Add: | |
| Accumulate other comprehensive Income | 1,875 |
| Total Shareholders' equity | 1,875 |
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At December 31, 2017, the available-for-sale debt portfolio for
Shamrock, Inc. is as follows.
Security
Cost...
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain...
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows....
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $21,000 15,000 27,600 $63,600 $18,000 16,800 30,600 $65,400 $(3,000) 1,800 3,000 1,800 480 $1,320 8 Total Previous fair value adjustment balance-Dr Fair value adjustment-Dr On January 20, 2018, Cheyenne, Inc. sold security A for $18,120. The sale proceeds are net of brokerage fees
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc....
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $24,500 $21,000 B 17,500 19,600 32,200 35,700 Total $74,200 $76,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,500) 2,100 3,500 2,100 560 $1,540 On January 20, 2018, Blossom, Inc. sold security A for $21,140. The sale proceeds are net of brokerage fees. (b) Show the balance sheet presentation of the investment-related accounts at...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost Fair Value $31,500 $27,000 22,500 25,200 41,400 45,900 Total $95,400 $98,100 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(4,500 ) 2,700 4,500 2,700 720 $1,980 On January 20, 2021, Marigold, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value....
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total holding...
At December 31, 2020, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,100 $14,200 $(2,900) B 11,800 15,300 3,500 C 22,000 25,600 3,600 Total $50,900 $55,100 4,200 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $3,900 On January 20, 2021, Ivanhoe, Inc. sold security A for $14,300. The sale proceeds are net of brokerage fees. Ivanhoe, Inc. reports net income in 2020 of $117,000 and in 2021 of $141,000....
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 Dr. Fair value adjustment-Dr. $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total...
At December 31, 2017, the available-for-sale debt portfolio for Bridgeport, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Bridgeport, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$114,625
$98,250
$(16,375
)
B
81,875
91,700
9,825
C
150,650
167,025
16,375
Total
$347,150
$356,975
9,825
Previous fair value adjustment balance—Dr.
2,620
Fair value adjustment—Dr.
$7,205
On January 20, 2018, Bridgeport, Inc. sold security A for $98,905.
The sale proceeds are net of brokerage fees.
Bridgeport Inc. reports net income in 2017 of $786,000 and in 2018
of...
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $21,000 15,000 27,600 $63,600 $18,000 16,800 30,600 $65,400 $(3,000) 1,800 3,000 1,800 480 $1,320 8 Total Previous fair value adjustment balance-Dr Fair value adjustment-Dr On January 20, 2018, Cheyenne, Inc. sold security A for $18,120. The sale proceeds are net of brokerage fees
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $24,500 $21,000 B 17,500 19,600 32,200 35,700 Total $74,200 $76,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,500) 2,100 3,500 2,100 560 $1,540 On January 20, 2018, Blossom, Inc. sold security A for $21,140. The sale proceeds are net of brokerage fees. (b) Show the balance sheet presentation of the investment-related accounts at...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost Fair Value $31,500 $27,000 22,500 25,200 41,400 45,900 Total $95,400 $98,100 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(4,500 ) 2,700 4,500 2,700 720 $1,980 On January 20, 2021, Marigold, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value....
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total holding...
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 Dr. Fair value adjustment-Dr. $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total...
At December 31, 2017, the available-for-sale debt portfolio for
Bridgeport, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$114,625
$98,250
$(16,375
)
B
81,875
91,700
9,825
C
150,650
167,025
16,375
Total
$347,150
$356,975
9,825
Previous fair value adjustment balance—Dr.
2,620
Fair value adjustment—Dr.
$7,205
On January 20, 2018, Bridgeport, Inc. sold security A for $98,905.
The sale proceeds are net of brokerage fees.
Bridgeport Inc. reports net income in 2017 of $786,000 and in 2018
of...
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