Homework Answers
| Account Titles and Explanation | Debit $ | Credit $ |
| Unrealized holding gain or loss- Equity | 1,800 | |
| Notes Payable | 1,800 | |
| ( 14,800 - 13,000 ) | ||
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Your answer is correct. Determine the unrealized holding gain...
unrealized holding gain or loss Flounder Corporation has elected to use the fair value option for...
unrealized holding gain or loss
Flounder Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 10% and has a carrying value of $13,000. At year-end, Flounder's borrowing rate (credit risk) has declined; the fair value of the note payable is now $14,800. Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number eg.-2.945 or parentheses...
Question 26 Martinez Corporation has elected to use the fair value option for one of its...
Question 26 Martinez Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 10% and has a carrying value of $15,000. At year-end, Martinez’s borrowing rate (credit risk) has declined; the fair value of the note payable is now $16,300. Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)...
Brief Exercise 14-14 Shonen Knife Corporation has elected to use the fair value option for one...
Brief Exercise 14-14 Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate (credit risk) has declined; the fair value of the note payable is now $17,500. Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number e.g. -2,945 or...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $9,648,000. Interest is paid on January 1. Prepare journal entries for Crane Company to (a) record the transactions related to these bonds in 2017, assuming Crane does not elect the fair...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds,...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2013 Unrealized Gain Fair Value Cost Investments (Trading) (Loss) $(1,000) (1,000) $19,660 $20,660 Clemson Corp. stock 10,520 11,520 Colorado Co. stock 670 21,330 20,660 Buffaloes Co. stock (1,330) $51,510 $52,840 Total of portfolio Previous fair value adjustment balance $(1,330) Fair value adjustment-Cr. During 2014, Colorado Company stock was sold for $10,930. The...
need help with part A Exercise 17-21 Your answer is partially correct. Try again. Presented below...
need help with part A
Exercise 17-21 Your answer is partially correct. Try again. Presented below is selected information related to the financial instruments of Headland Company at December 31, 2017. This is Head and Compa Fair Value (at December Carrying Investment in debt securities (intent is to hold to maturity) Investment in Chen Company stock Bonds payable $36,700 730,600 237.500 $37.700 834,200 212.100 . 2017 bereporting (a) Headland elects to use the fair value option for these financial instruments...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
At December 31, 2020, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain...
At December 31, 2020, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) $14,250) 2,550 4,250 Security Cost Fair Value $29,750 $25,500 21,250 23,800 39,100 43,350 Total $90,100 $92,650 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. 2,550 680 $1,870 On January 20, 2021, Skysong, Inc. sold security A for $25,670. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit...
unrealized holding gain or loss
Flounder Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 10% and has a carrying value of $13,000. At year-end, Flounder's borrowing rate (credit risk) has declined; the fair value of the note payable is now $14,800. Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number eg.-2.945 or parentheses...
Brief Exercise 14-14 Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate (credit risk) has declined; the fair value of the note payable is now $17,500. Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number e.g. -2,945 or...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...
Your answer is partially correct. Try again. Crane Company invests $9,000,000 in 4% fixed rate corporate bonds on January 1, 2017. All the bonds are classified as available-for-sale and are purchased at par. At year-end, market interest rates have declined, and the fair value of the bonds is now $9,648,000. Interest is paid on January 1. Prepare journal entries for Crane Company to (a) record the transactions related to these bonds in 2017, assuming Crane does not elect the fair...
Your answer is partially correct. Try again. On January 1, 2017, Cheyenne Company purchased 11% bonds, having a maturity value of $301,000, for $324,415.24. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2017, and mature January 1, 2022, with interest received on January 1 of each year. Cheyenne Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December...
Exercise 17-7 Your answer is partially correct. Try again. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities. December 31, 2013 Unrealized Gain Fair Value Cost Investments (Trading) (Loss) $(1,000) (1,000) $19,660 $20,660 Clemson Corp. stock 10,520 11,520 Colorado Co. stock 670 21,330 20,660 Buffaloes Co. stock (1,330) $51,510 $52,840 Total of portfolio Previous fair value adjustment balance $(1,330) Fair value adjustment-Cr. During 2014, Colorado Company stock was sold for $10,930. The...
need help with part A
Exercise 17-21 Your answer is partially correct. Try again. Presented below is selected information related to the financial instruments of Headland Company at December 31, 2017. This is Head and Compa Fair Value (at December Carrying Investment in debt securities (intent is to hold to maturity) Investment in Chen Company stock Bonds payable $36,700 730,600 237.500 $37.700 834,200 212.100 . 2017 bereporting (a) Headland elects to use the fair value option for these financial instruments...
Brief Exercise 15-14 Your answer is partially correct. Try again. Flounder Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
At December 31, 2020, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) $14,250) 2,550 4,250 Security Cost Fair Value $29,750 $25,500 21,250 23,800 39,100 43,350 Total $90,100 $92,650 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. 2,550 680 $1,870 On January 20, 2021, Skysong, Inc. sold security A for $25,670. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit...
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