Homework Answers
Solution:
| Computation of Fair value adjustment | |||
| Security | Nos of shares | Market price per share | Fair value |
| Arden Enterprises Inc. | 4300 | $26.00 | $111,800.00 |
| French Broad Industries Inc. | 1100 | $16.00 | $17,600.00 |
| Pisgah Construction Inc. | 900 | $21.50 | $19,350.00 |
| Total | $148,750.00 | ||
| Cost of investment | $125,250.00 | ||
| Fair value adjustment | $23,500.00 | ||
| Journal Entries | |||
| Date | Particulars | Debit | Credit |
| Year 1, Dec 31 | Fair value adjustment Dr | $23,500.00 | |
| To Unrealized holding gain or loss - NI | $23,500.00 | ||
| (To record adjustment to fair value on trading securities) | |||
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Calculator Fair Value Journal Entries, Trading Investments Last Unguaranteed Financial Inc. purchased the following trading securities...
Fair Value Journal Entries, Trading Investments Last Unguaranteed Financial Inc. purchased the following trading securities during...
Fair Value Journal Entries, Trading Investments
Last Unguaranteed Financial Inc. purchased the following trading
securities during Year 1, its first year of operations:
Name
Number of Shares
Cost
Arden Enterprises Inc.
3,500
$73,150
French Broad Industries Inc.
1,300
20,800
Pisgah Construction Inc.
800
20,000
Total
$113,950
The market price per share for the trading security portfolio on
December 31, Year 1 was as follows:
Market Price per Share
Dec. 31, Year 1
Arden Enterprises Inc.
$26.5
French Broad Industries Inc....
Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of...
Last Unguaranteed Financial Inc. purchased the following trading securities during Year 1, its first year of operations: Name Number of Shares Cost Arden Enterprises Inc. 4,800 $134,400 French Broad Industries Inc. 2,660 58,520 Pisgah Construction Inc. 1,670 106,880 Total $299,800 The market price per share for the trading security portfolio on December 31, Year 1, was as follows: Market Price per Share, Dec. 31, Year 1 Arden Enterprises Inc. $34 French Broad Industries Inc. 27 Pisgah Construction Inc. 60 Required:...
Fair Value Journal Entries, Trading Investments Storm, Inc. purchased the following trading securities during 2049, its...
Fair Value Journal Entries, Trading Investments Storm, Inc. purchased the following trading securities during 2049, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. 1,900 $81,700 Gale Co. 850 68,000 Whirlwind Co. 2,850 114,000 Total $263,700 The market price per share for the trading security portfolio on December 31, 2049, was as follows: Market Price per Share, Dec. 31, 2019 Dust Devil, Inc. $40 Gale Co. 75 Whirlwind Co. 42 a. Provide the journal entry to...
41. Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities...
41.
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,400 $18,760 $17,630 Luck Company 21,320 19,830 650 350 Wilson Company 10,150 10,350 Total $50,230 $47,810 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $29 per share...
8 Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities...
8 Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,300 $17,420 $16,370 Luck Company 900 29,520 27,450 Wilson Company 250 7,500 7,650 Total $54,440 $51,470 On May 10, Year 2, Gruden Bancorp Inc. purchased 550 shares of Carroll Inc., at $30 per share...
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during...
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,300 $16,370 $17,420 26,240 Luck Company 800 24,400 Wilson Company 200 6,120 6,000 $49,660 Total $46,890 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $30 per share plus...
Fair Value Journal Entries, Trading Investments Jets Bancorp Inc. purchased a portfolio of trading securities during...
Fair Value Journal Entries, Trading Investments Jets Bancorp Inc. purchased a portfolio of trading securities during 2073. The cost and fair value of this portfolio on December 31, 20Y3, was as follows: Name Number of Shares Total Cost Total Fair Value Dolphins Inc. Marino Company 1,600 1,400 $28,800 35,000 21,000 $32,000 30,800 Namath Company 600 19,800 Total $84,800 $82,600 Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3. If an...
Icatior eBook Calculator Fair Value Journal Entries, Available for Sale investments Storm, Inc. purchased the following...
Icatior eBook Calculator Fair Value Journal Entries, Available for Sale investments Storm, Inc. purchased the following available for sale securities during 2049, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. $31,680 Gale Co 35,050 Whirlwind Co 65,100 $131,830 The market price per share for the available for sale security portfolio on December 31, 2049 was as follows: Market Price per Share Dec 31, 2016 Dust Devil, Inc. $31 Gale Co. Whirlwind Co. a. Provide the...
Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 2013,...
Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 2013, its first year of operations. The cost and fair value of this portfolia on December 31, 2013, are as follows: Issuing Company Cost Falr Value Griffin Inc. $40,000 $44,600 Luck Company 37,500 33.750 Wilson Company 40.000 37,000 Total $117.500 s115,550 On May 10, 2014, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,900. Joumalize the entries to record the following: If an...
Fair Value Journal Entries, Available-for-Sale Investments Hurricane Inc. purchased a portfolio of available-for-sale securities in Year...
Fair Value Journal Entries, Available-for-Sale Investments Hurricane Inc. purchased a portfolio of available-for-sale securities in Year 1, its first year of operations. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Tornado Inc. 1,250 $16,750 $18,590 Tsunami Corp. 700 22,960 25,030 Typhoon Corp. 200 6,400 6,080 Total $46,110 $49,700 On June 12, Year 2, Hurricane purchased 600 shares of Rogue Wave Inc. at $32...
Fair Value Journal Entries, Trading Investments
Last Unguaranteed Financial Inc. purchased the following trading
securities during Year 1, its first year of operations:
Name
Number of Shares
Cost
Arden Enterprises Inc.
3,500
$73,150
French Broad Industries Inc.
1,300
20,800
Pisgah Construction Inc.
800
20,000
Total
$113,950
The market price per share for the trading security portfolio on
December 31, Year 1 was as follows:
Market Price per Share
Dec. 31, Year 1
Arden Enterprises Inc.
$26.5
French Broad Industries Inc....
Fair Value Journal Entries, Trading Investments Storm, Inc. purchased the following trading securities during 2049, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. 1,900 $81,700 Gale Co. 850 68,000 Whirlwind Co. 2,850 114,000 Total $263,700 The market price per share for the trading security portfolio on December 31, 2049, was as follows: Market Price per Share, Dec. 31, 2019 Dust Devil, Inc. $40 Gale Co. 75 Whirlwind Co. 42 a. Provide the journal entry to...
41.
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,400 $18,760 $17,630 Luck Company 21,320 19,830 650 350 Wilson Company 10,150 10,350 Total $50,230 $47,810 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $29 per share...
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,300 $16,370 $17,420 26,240 Luck Company 800 24,400 Wilson Company 200 6,120 6,000 $49,660 Total $46,890 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $30 per share plus...
Fair Value Journal Entries, Trading Investments Jets Bancorp Inc. purchased a portfolio of trading securities during 2073. The cost and fair value of this portfolio on December 31, 20Y3, was as follows: Name Number of Shares Total Cost Total Fair Value Dolphins Inc. Marino Company 1,600 1,400 $28,800 35,000 21,000 $32,000 30,800 Namath Company 600 19,800 Total $84,800 $82,600 Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3. If an...
Icatior eBook Calculator Fair Value Journal Entries, Available for Sale investments Storm, Inc. purchased the following available for sale securities during 2049, its first year of operations: Name Number of Shares Cost Dust Devil, Inc. $31,680 Gale Co 35,050 Whirlwind Co 65,100 $131,830 The market price per share for the available for sale security portfolio on December 31, 2049 was as follows: Market Price per Share Dec 31, 2016 Dust Devil, Inc. $31 Gale Co. Whirlwind Co. a. Provide the...
Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 2013, its first year of operations. The cost and fair value of this portfolia on December 31, 2013, are as follows: Issuing Company Cost Falr Value Griffin Inc. $40,000 $44,600 Luck Company 37,500 33.750 Wilson Company 40.000 37,000 Total $117.500 s115,550 On May 10, 2014, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $34,900. Joumalize the entries to record the following: If an...
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