Homework Answers
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Option A ($0) As the debt securities purchased are classified as securities available for sale, no unrealized holding gains/losses are reported. Therefore, no gain will be reported in the income statement. |
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Seved #16 Jeremiah Corporation purchased debt securities during 2021 and classified them as securities available-for-sale: Fair...
$41.50 Jeremiah Corporation purchased debt securities during 2021 and classified them as securities available for sale:...
$41.50 Jeremiah Corporation purchased debt securities during 2021 and classified them as securities available for sale: Security Cost Fair Value, 12/31/2021 $ 49,300 7450 69,000 25.00 40.500 Al declines are considered to be temporary How much gain will be reported by Jeremiah Corporation in the December 31, 2021, income statement relative to the portfolio? 50 $23300 517,800 None of these answer choices are correct
At December 31, 2021, Jeter Corporation had the following debt securities that were purchased during 2021,...
At December 31, 2021, Jeter Corporation had the following debt securities that were purchased during 2021, its first year of operation: Fair Unrealized Cost Value Gain (Loss) Trading Securities: Security A $ 85,000 $ 65,000 $(20,000) 15,000 20,000 5,000 Totals $100,000 $ 85,000 $(15,000) Available-for-Sale Securities: Security Y $ 70.000 $ 80,000 $ 10,000 Z 85,000 55,000 (30,000) Totals $ 155,000 $135.000 $(20,000) All market declines are considered temporary. Fair value adjustments at December 31, 2021 should be established with...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Fair Value 12/31/2020 $382,000 Fair Value 12/31/2021 $407,000 Amortized Cost 12/31/2020 $374,500 Amortized Cost 12/31/2021 $367,000 Trading Securities: DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Fair Value 12/31/2020 $ 52,000 $ 54,000 $ 51,000 Fair Value 12/31/2021 $ 63,000 $ 80,000...
Question Completion Status: estion 16 1 points Md South has three debt securities during 2020 and...
Question Completion Status: estion 16 1 points Md South has three debt securities during 2020 and 2021, its first two years of operations. The following information pertains to these securities. The fluctuations in these fair values are not considered permanent Securities Fair Value Fair Value Amortized Cost [12/31/2020) (12/31/2021) (12/31/2020) Amortized Cou (12/31/2021) $350,000 5400,000 $380,000 $350 000 HTM Security ABC Co. Bonds Trading Security DEFC. Bonds AFS Security GH EM 548.000 560,000 $70,000 365.000 $130.000 5150.000 $140,000 5145,000 What...
On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $182 million and classified...
On March 25, 2021, Phillips Corporation purchased bonds of Atlas Corporation for $182 million and classified the securities as trading securities. On December 31, 2021, these bonds were valued at $205 million. Three months later, on April 3, 2022, Phillips Corporation sold these bonds for $192 million. As part of the multistep approach to record the 2022 transaction, Phillips Corporation should first update the fair value adjustment by recording: Multiple Choice An unrealized holding gain of $36 million in 2022....
On March 25, 2021. Phillips Corporation purchased bonds of Atlas Corporation for $183 million and classified...
On March 25, 2021. Phillips Corporation purchased bonds of Atlas Corporation for $183 million and classified the securities as trading securities. On December 31, 2021, these bonds were valued at $221 million. Three months later, on April 3, 2022, Phillips Corporation sold these bonds for $200 million As part of the multistep approach to record the 2022 transaction, Phillips Corporation should first update the fair value adjustment by recording: Multiple Choice An unrealized holding gain of $59 million in 2022...
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...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent Amortired Cost 12/31/2021 $375,000 Amortized Cost 12/31/2020 $380,500 Fair Value 12/31/2021 $413,000 Fair Value 12/31/2020 $388,000 Cost Held-to-Maturity Securities: ABC Co. Bonds $ 74,400 $ 52,000 $ 45,900 Fair Value Fair Value 12/31/2020 12/31/2021 $ 58,000 $ 69,000 $ 60,000 $ 96,300 $ 57,000 $ 51,500 Cost Trading...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Fair Value 12/31/2020 $388,000 Fair Value 12/31/2021 $413,000 Amortized Cost 12/31/2020 $380,500 Amortized cost 12/31/2021 $373,000 Trading Securities: DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Fair Value 12/31/2020 $ 58,000 $ 60,000 $ 57,000 Fair Value 12/31/2021 $ 69,000 $ 96,300...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Fair Value 12/31/2020 $388,000 Fair Value 12/31/2021 $413,000 Amortized Cost 12/31/2020 $380,500 Amortized Cost 12/31/2021 $373,000 Trading Securities: DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Fair Value 12/31/2020 $ 58,000 $ 60,000 $ 57,000 Fair Value 12/31/2021 $ 69,000 $ 96,300...
$41.50 Jeremiah Corporation purchased debt securities during 2021 and classified them as securities available for sale: Security Cost Fair Value, 12/31/2021 $ 49,300 7450 69,000 25.00 40.500 Al declines are considered to be temporary How much gain will be reported by Jeremiah Corporation in the December 31, 2021, income statement relative to the portfolio? 50 $23300 517,800 None of these answer choices are correct
At December 31, 2021, Jeter Corporation had the following debt securities that were purchased during 2021, its first year of operation: Fair Unrealized Cost Value Gain (Loss) Trading Securities: Security A $ 85,000 $ 65,000 $(20,000) 15,000 20,000 5,000 Totals $100,000 $ 85,000 $(15,000) Available-for-Sale Securities: Security Y $ 70.000 $ 80,000 $ 10,000 Z 85,000 55,000 (30,000) Totals $ 155,000 $135.000 $(20,000) All market declines are considered temporary. Fair value adjustments at December 31, 2021 should be established with...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Fair Value 12/31/2020 $382,000 Fair Value 12/31/2021 $407,000 Amortized Cost 12/31/2020 $374,500 Amortized Cost 12/31/2021 $367,000 Trading Securities: DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Fair Value 12/31/2020 $ 52,000 $ 54,000 $ 51,000 Fair Value 12/31/2021 $ 63,000 $ 80,000...
Question Completion Status: estion 16 1 points Md South has three debt securities during 2020 and 2021, its first two years of operations. The following information pertains to these securities. The fluctuations in these fair values are not considered permanent Securities Fair Value Fair Value Amortized Cost [12/31/2020) (12/31/2021) (12/31/2020) Amortized Cou (12/31/2021) $350,000 5400,000 $380,000 $350 000 HTM Security ABC Co. Bonds Trading Security DEFC. Bonds AFS Security GH EM 548.000 560,000 $70,000 365.000 $130.000 5150.000 $140,000 5145,000 What...
On March 25, 2021. Phillips Corporation purchased bonds of Atlas Corporation for $183 million and classified the securities as trading securities. On December 31, 2021, these bonds were valued at $221 million. Three months later, on April 3, 2022, Phillips Corporation sold these bonds for $200 million As part of the multistep approach to record the 2022 transaction, Phillips Corporation should first update the fair value adjustment by recording: Multiple Choice An unrealized holding gain of $59 million in 2022...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent Amortired Cost 12/31/2021 $375,000 Amortized Cost 12/31/2020 $380,500 Fair Value 12/31/2021 $413,000 Fair Value 12/31/2020 $388,000 Cost Held-to-Maturity Securities: ABC Co. Bonds $ 74,400 $ 52,000 $ 45,900 Fair Value Fair Value 12/31/2020 12/31/2021 $ 58,000 $ 69,000 $ 60,000 $ 96,300 $ 57,000 $ 51,500 Cost Trading...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Fair Value 12/31/2020 $388,000 Fair Value 12/31/2021 $413,000 Amortized Cost 12/31/2020 $380,500 Amortized cost 12/31/2021 $373,000 Trading Securities: DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Fair Value 12/31/2020 $ 58,000 $ 60,000 $ 57,000 Fair Value 12/31/2021 $ 69,000 $ 96,300...
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Fair Value 12/31/2020 $388,000 Fair Value 12/31/2021 $413,000 Amortized Cost 12/31/2020 $380,500 Amortized Cost 12/31/2021 $373,000 Trading Securities: DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Fair Value 12/31/2020 $ 58,000 $ 60,000 $ 57,000 Fair Value 12/31/2021 $ 69,000 $ 96,300...
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