Homework Answers
| Date | Cost | Fair Value | Fair Value Above (Below) Cost |
| 12/31/2015 | $3,01,840 | $2,92,785 | -$9,055 |
| 12/31/2016 | $3,44,098 | $3,64,744 | $20,646 |
| 12/31/2017 | $4,67,973 | $5,53,612 | $85,639 |
| 12/31/2018 | $7,06,639 | $6,28,909 | -$77,730 |
Part A: Calculation adjustment required
| Debit | Credit | ||
| 12/31/15 | Existing balance in Fair Value Adjustment-AFS (LT) | $0 | |
| Required balance in Fair Value Adjustment-AFS (LT) | $9,055 | ||
| Adjustment required to Fair Value Adjustment-AFS (LT) | $9,055 | ||
| 12/31/16 | Existing balance in Fair Value Adjustment-AFS (LT) | $9,055 | |
| Required balance in Fair Value Adjustment-AFS (LT) | $20,646 | ||
| Adjustment required to Fair Value Adjustment-AFS (LT) | $11,591 | ||
| 12/31/17 | Existing balance in Fair Value Adjustment-AFS (LT) | $20,646 | |
| Required balance in Fair Value Adjustment-AFS (LT) | $85,639 | ||
| Adjustment required to Fair Value Adjustment-AFS (LT) | $64,993 | ||
| 12/31/18 | Existing balance in Fair Value Adjustment-AFS (LT) | $85,639 | |
| Required balance in Fair Value Adjustment-AFS (LT) | $77,730 | ||
| Adjustment required to Fair Value Adjustment-AFS (LT) | $1,63,369 |
Part B: Journal Entries
| Date | Account | Debit | Credit |
| 12/31/15 | Unrealised loss - Equity | $9,055 | |
| Fair Value Adjustment-AFS (LT) | $9,055 | ||
| 12/31/16 | Fair Value Adjustment-AFS (LT) | $20,646 | |
| Unrealised loss - Equity | $9,055 | ||
| Unrealised gain - Equity | $11,591 | ||
| 12/31/17 | Fair Value Adjustment-AFS (LT) | $64,993 | |
| Unrealised gain - Equity | $64,993 | ||
| 12/31/18 | Unrealised loss - Equity | $77,730 | |
| Unrealised gain - Equity | $85,639 | ||
| Fair Value Adjustment-AFS (LT) | $1,63,369 |
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