![Brief Exercise 12-3 (Algo) Trading securities [LO12-3] S&L Financial buys and sells securities expecting to earn profits on s](http://img.homeworklib.com/questions/7ec884c0-196f-11eb-8fd1-5d52b409352d.png?x-oss-process=image/resize,w_560)
Homework Answers
| a] | |||
| 31-Dec-21 | Unrealized loss on trading securities [881000-876000] | $ 5,000 | |
| Trading securities | $ 500 | ||
| [To record fair value and unrealized loss] | |||
| b] | |||
| 3-Jan-22 | Cash | $ 887,500 | |
| Realized gain on trading securities | $ 11,500 | ||
| Trading securitites | $ 876,000 | ||
| [To record sale of trading securities] |
Add Answer to:
Brief Exercise 12-3 (Algo) Trading securities [LO12-3] S&L Financial buys and sells securities expecting to earn...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $886,000 and sold the bonds on January 3, 2022, for $892,500. At December 31, the bonds had a fair value of $882,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
Brief Exercise 12-5 (Algo) Available-for-sale securities [LO12-4) S&L Financial buys and sells securities which it classifies...
Brief Exercise 12-5 (Algo) Available-for-sale securities [LO12-4) S&L Financial buys and sells securities which it classifies as available for sale On December 27, 2021, S&L purchased Coca-Cola bonds at par for $892,000 and sold the bonds on January 3, 2022 for $900,000. At December 31, the bonds had a fair value of 5885,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2022, for $880,000. At December 31, the bonds had a fair value of $873,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L...
S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3, 2019, for $892,500. At December 31, the bonds had a fair value of $878,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2018 and (b) the sale of the bonds...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price.
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $886,000 and sold the bonds on January 3, 2022, for $892,500. At December 31, the bonds had a fair value of $882,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select "No...
S&L Financial buys and sells securities expecting to earnprofits on short-term differences in price. On...
S&L Financial buys and sells securities expecting to earn
profits on short-term differences in price. On December 27, 2021,
S&L purchased Coca-Cola bonds at par for $875,000 and sold the
bonds on January 3, 2022, for $880,000. At December 31, the bonds
had a fair value of $873,000.Prepare journal entries to record (a) any unrealized gains or
losses occurring in 2021 and (b) the sale of the bonds in 2022.(If no entry is required for a transaction/event, select
"No journal...
Brief Exercise 12-5 Available-for-sale securities [LO12-4] S&L Financial buys and sells securities which it classifies as...
Brief Exercise 12-5 Available-for-sale securities [LO12-4] S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2019, for $880,000. At December 31, the bonds had a fair value of $873,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2018 and...
1) Record the entry for fair value adjustment of December 31, 2021. 2)Record the entry to...
1) Record the entry for fair value adjustment of
December 31, 2021.
2)Record the entry to adjust to fair value on the date
of sale
3) Record the entry to reverse the previous fair value
adjustment.
4) Record the entry for sale of investment in Coca
Cola bonds.
S&L Financial buys and sells securities which it classifies as available for sale. On December 27 2021. S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3,...
Check B Exercise 12-6 (Algo) Trading securities (L012-1, 12-3) Mills Corporation acquired as an investment $200...
Check B Exercise 12-6 (Algo) Trading securities (L012-1, 12-3) Mills Corporation acquired as an investment $200 million of 7% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate yield) was 5% for bonds of similar risk and maturity. Mills paid $240 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 12-12 (Algo) Available-for-sale...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 12-12 (Algo) Available-for-sale securities (LO12-1, 12-4] Colah Company purchased $2,200,000 of Jackson, Inc., 7% bonds at par on July 1, 2021, with Interest pald semi-annually. Colah determined that it should account for the bonds as an available-for-sale Investment. At December 31, 2021, the Jackson bonds had a fair value of $2.520,000. Colah sold the Jackson bonds on July 1, 2022 for $1,980,000. Required: 1. Prepare Colah's Journal...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $886,000 and sold the bonds on January 3, 2022, for $892,500. At December 31, the bonds had a fair value of $882,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
Brief Exercise 12-5 (Algo) Available-for-sale securities [LO12-4) S&L Financial buys and sells securities which it classifies as available for sale On December 27, 2021, S&L purchased Coca-Cola bonds at par for $892,000 and sold the bonds on January 3, 2022 for $900,000. At December 31, the bonds had a fair value of 5885,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring...
S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2022, for $880,000. At December 31, the bonds had a fair value of $873,000. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2021 and (b) the sale of the bonds in 2022. (If no entry is required for a transaction/event, select...
S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3, 2019, for $892,500. At December 31, the bonds had a fair value of $878,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2018 and (b) the sale of the bonds...
S&L Financial buys and sells securities expecting to earn
profits on short-term differences in price. On December 27, 2021,
S&L purchased Coca-Cola bonds at par for $875,000 and sold the
bonds on January 3, 2022, for $880,000. At December 31, the bonds
had a fair value of $873,000.Prepare journal entries to record (a) any unrealized gains or
losses occurring in 2021 and (b) the sale of the bonds in 2022.(If no entry is required for a transaction/event, select
"No journal...
1) Record the entry for fair value adjustment of
December 31, 2021.
2)Record the entry to adjust to fair value on the date
of sale
3) Record the entry to reverse the previous fair value
adjustment.
4) Record the entry for sale of investment in Coca
Cola bonds.
S&L Financial buys and sells securities which it classifies as available for sale. On December 27 2021. S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3,...
Check B Exercise 12-6 (Algo) Trading securities (L012-1, 12-3) Mills Corporation acquired as an investment $200 million of 7% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The market interest rate yield) was 5% for bonds of similar risk and maturity. Mills paid $240 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 12-12 (Algo) Available-for-sale securities (LO12-1, 12-4] Colah Company purchased $2,200,000 of Jackson, Inc., 7% bonds at par on July 1, 2021, with Interest pald semi-annually. Colah determined that it should account for the bonds as an available-for-sale Investment. At December 31, 2021, the Jackson bonds had a fair value of $2.520,000. Colah sold the Jackson bonds on July 1, 2022 for $1,980,000. Required: 1. Prepare Colah's Journal...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago