exercise 16-06
in its first year of operations Sheridan corporation purchased as a
long term investment available for sale debt securities costing
$68,500. December 21,2020 the fair value of the securities is $
63,650
Homework Answers
SOLUTION
| Date | Account Titles and Explanation | Debit ($) | Credit ($) |
| Dec.31 | Unrealized Gain or Loss - Income | 4,850 | |
| Fair Value Adjustment-Trading | 4,850 | ||
| (68,500 - 63,650) |
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exercise 16-06
in its first year of operations Sheridan corporation purchased as a
long term investment...
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