On January 1, 2020, Sarasota Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale)...
Problem 17-9 On January 1, 2017, Shamrock Inc. had the following balance sheet. SHAMROCK INC. BALANCE SHEET AS OF JANUARY 1, 2017 Assets Equity Cash $51,800 Common stock $249,100 Debt investments (available-for-sale) 247,100 Accumulated other comprehensive income 49,800 Total $298,900 Total $298,900 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Shamrock Inc.’s available-for-sale debt securities at December 31, 2017, was $212,800; its cost was $151,800. No securities were purchased during...
P17.9 (LO 2,4) (Gain on Sale of Investments and Comprehensive Income) On January 1, 2020. Acker Inc. had the following balance sheet. Acker Inc. Balance Sheet As of January 1, 2020 Assets Equity Cash $ 50,000 Common stock Debt investments (available-for-sale) 240,000 Accumulated other comprehensive income Total $290,000 Total $260,000 30,000 $290,000 The accumulated othe umulated other comprehensive income related to unrealized holding gains on available-for-sale curities. The fair value of Acker Inc.'s available-for-sale debt securities at December 31, 2020,...
At December 31, 2020, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) $14,250) 2,550 4,250 Security Cost Fair Value $29,750 $25,500 21,250 23,800 39,100 43,350 Total $90,100 $92,650 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. 2,550 680 $1,870 On January 20, 2021, Skysong, Inc. sold security A for $25,670. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit...
At December 31, 2020, the available-for-sale debt portfolio for Carla, Inc. is as follows. Unrealized Gain (Loss) $(4,125) 2,475 4,125 B Security Cost Fair Value $28,875 $24,750 20,625 23,100 C 37,950 42,075 Total $87,450 $89,925 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. 2.475 660 $1,815 On January 20, 2021, Carla, Inc. sold security A for $24,915. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair...
At December 31, 2020, the available-for-sale debt portfolio for Culver, Inc is as follows. On January 20, 2021, Culver. Inc, sold security A for $30,200. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Show the balance...
At December 31, 2020, the available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security Cost Fair Value A $17,500 $16,000 B 12,500 14,000 C 23,000 21,000 $53,000 $51,000 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and...
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....
Exercise 16-11 a-b (Part Level Submission) At December 31, 2020, the available-for-sale debt securities for Sandhill, Inc. are as follows. The securities are considered to be a long-term investment. Security Cost Fair Value $17,300 12,500 22,500 $52,300 $16,400 14,100 18,700 $49,200 (a) Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
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...