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Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Ronds Nike Bonds Ford Bonds Coat $17,700 27.600 6.900 Tair Value $13,275 28,980 5.520 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities View transaction list Journal entry worksheet Record the year-end adjustment to fair value, If any....
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Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co. purchases debt investments as trading securities at a cost of $54,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $69,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January...
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Exercise 15-10 Multiyear fair value adjustments to available-for-sale securities LO P3 Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow Portfolio of Available-for-Sale Securities December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 Cost $301,840 344,098 467,973 706,639 Fair Value $292, 785 364, 744 553,612 628,909 Prepare journal entries to record each year-end fair value adjustment for these securities Complete...
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Brooks Co, purchases various investments in trading securities at a cost of $58,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $68,000 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $29,000) for $31,500. (If no entry...
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Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow Portfolio of Trading Securities (thousands) Tesla Bonds Nike Bonds Tord Bonds Cost Fair Value $12 Prepare journal entries to record the December 31 year-end fair value adjustment for the above debt securities. (Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet Record the year-end adjustment to...
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of such securities. At December 31, these securities had a fair value of $72,000 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $3,000) for $4,000 cash. Complete this question by entering your answers in the tabs below. Reg 2 and 3 Prepare...
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Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt securities. The vear-end cost and fair values for its portfolio of these investments follow. Portfolio of Available for Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $12,600 18,20€ 21,300 16,389 Fair Value $16,209 27,480 32,eee 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities View transaction list Journal...
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Problem 15-1A Recording and adjusting trading debt securities LO P1 Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. Sept. Oct. 2 Purchased Verizon bonds for $10,000. 7 Purchased Apple bonds for $35,000. 12 Purchased Mastercard bonds for $20,000. 21 Sold some of its Verizon bonds that had cost $2,000 for $2,100 cash. 23 Sold some of its Apple bonds that had cost $15,000 for $15,...
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Help Suve & Brooks Co. purchases debt investments as trading securities at a cost of $51,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $66.000 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of...
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Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Ronds Nike Bonds Ford Bonds Coat $17,700 27.600 6.900 Tair Value $13,275 28,980 5.520 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities View transaction list Journal entry worksheet Record the year-end adjustment to fair value, If any....
Exercise 15-2 Accounting for debt investments classified as trading LO P1 Brooks Co. purchases debt investments as trading securities at a cost of $54,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $69,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January...
Exercise 15-10 Multiyear fair value adjustments to available-for-sale securities LO P3 Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow Portfolio of Available-for-Sale Securities December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 Cost $301,840 344,098 467,973 706,639 Fair Value $292, 785 364, 744 553,612 628,909 Prepare journal entries to record each year-end fair value adjustment for these securities Complete...
Brooks Co, purchases various investments in trading securities at a cost of $58,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $68,000 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $29,000) for $31,500. (If no entry...
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow Portfolio of Trading Securities (thousands) Tesla Bonds Nike Bonds Tord Bonds Cost Fair Value $12 Prepare journal entries to record the December 31 year-end fair value adjustment for the above debt securities. (Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet Record the year-end adjustment to...
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of such securities. At December 31, these securities had a fair value of $72,000 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $3,000) for $4,000 cash. Complete this question by entering your answers in the tabs below. Reg 2 and 3 Prepare...
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt securities. The vear-end cost and fair values for its portfolio of these investments follow. Portfolio of Available for Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $12,600 18,20€ 21,300 16,389 Fair Value $16,209 27,480 32,eee 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities View transaction list Journal...
Problem 15-1A Recording and adjusting trading debt securities LO P1 Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities. Aug. Sept. Oct. 2 Purchased Verizon bonds for $10,000. 7 Purchased Apple bonds for $35,000. 12 Purchased Mastercard bonds for $20,000. 21 Sold some of its Verizon bonds that had cost $2,000 for $2,100 cash. 23 Sold some of its Apple bonds that had cost $15,000 for $15,...
Help Suve & Brooks Co. purchases debt investments as trading securities at a cost of $51,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $66.000 1. Prepare the December 27 entry for the purchase of debt investments 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...