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 Cullumber, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $97,125 $83,250 $(13,875 ) B 69,375 77,700 8,325 C 127,650 141,525 13,875 Total $294,150 $302,475 8,325 Previous fair value adjustment balance—Dr. 2,220 Fair value adjustment—Dr. $6,105 On January 20, 2018, Cullumber, Inc. sold security A for $83,805. The sale proceeds are net of brokerage fees. Cullumber Inc. reports net income in 2017 of $666,000 and in 2018 of...
Question 15 At December 31, 2017, the available-for-sale debt portfolio for Flint, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $175,875 $150,750 $(25,125 ) B 125,625 140,700 15,075 C 231,150 256,275 25,125 Total $532,650 $547,725 15,075 Previous fair value adjustment balance—Dr. 4,020 Fair value adjustment—Dr. $11,055 On January 20, 2018, Flint, Inc. sold security A for $151,755. The sale proceeds are net of brokerage fees. Flint Inc. reports net income in 2017 of $1,206,000 and in...
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 Sage, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $70,875 $60,750 $(10,125 ) B 50,625 56,700 6,075 C 93,150 103,275 10,125 Total $214,650 $220,725 6,075 Previous fair value adjustment balance—Dr. 1,620 Fair value adjustment—Dr. $4,455 On January 20, 2018, Sage, Inc. sold security A for $61,155. The sale proceeds are net of brokerage fees. Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for Pina, Inc. is as follows. Security Cost Fair Value $210,875 $180,750 150,625 168,700 277.150 307,275 $638,650 $656,725 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(30,125 ) 18,075 30,125 18,075 INNI On January 20, 2018, Pina, Inc. sold security A for $181.955. The sale proceeds are net of brokerage fees PinaInc. reports net income in 2017 of $1,446,000 and in 2018...
At December 31, 2017, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $21,875 $18,750 $(3,125 ) B 15,625 17,500 1,875 C 28,750 31,875 3,125 Total $66,250 $68,125 1,875 Previous fair value adjustment balance—Dr. 500 Fair value adjustment—Dr. $1,375 On January 20, 2018, Shamrock, Inc. sold security A for $18,875. The sale proceeds are net of brokerage fees. Show the balance sheet presentation of the investment-related accounts at December 31, 2017
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 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, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Security - Cost Fair Value $18,000 $15,300 12,500 14,500 22,200 25,500 Total $52,700 $55,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(2,700 ) 2,000 3,300 2,600 300 $2,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...