Homework Answers
Debt securities shown in the balance sheet are correct. No amount will be disclosed for shareholders’ equity section because nothing is given in the question about shareholders’ equity.
So I am doing journal entry for sale of security.
For sale of security A following entry will be made;
|
Date |
Accounts Title & Explanation |
Debit |
Credit |
|
Jan. 20, 2018 |
Cash |
$18120 |
|
|
Loss on sale of investment ($21000 - $18120) |
$2880 |
||
|
Debt investment |
$21000 |
||
|
(For recording sale of security A) |
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Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Cheyenne, Inc. is as follows....
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc....
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $24,500 $21,000 B 17,500 19,600 32,200 35,700 Total $74,200 $76,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,500) 2,100 3,500 2,100 560 $1,540 On January 20, 2018, Blossom, Inc. sold security A for $21,140. The sale proceeds are net of brokerage fees. (b) Show the balance sheet presentation of the investment-related accounts at...
At December 31, 2017, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security Cost...
At December 31, 2017, the available-for-sale debt portfolio for
Shamrock, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$21,875
$18,750
$(3,125
)
B
15,625
17,500
1,875
C
28,750
31,875
3,125
Total
$66,250
$68,125
1,875
Previous fair value adjustment balance—Dr.
500
Fair value adjustment—Dr.
$1,375
On January 20, 2018, Shamrock, Inc. sold security A for $18,875.
The sale proceeds are net of brokerage fees.
Show the balance sheet presentation of the investment-related
accounts at December 31, 2017
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows....
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $36,750 $31,500 26,250 29,400 48,300 53,550 Total $111,300 $114,450 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(5,250) 3,150 5,250 3,150 840 $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value....
At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Security -...
At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Security - Cost Fair Value $18,000 $15,300 12,500 14,500 22,200 25,500 Total $52,700 $55,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(2,700 ) 2,000 3,300 2,600 300 $2,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total...
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost...
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At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain...
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Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows Unrealized Gai...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows Unrealized Gain (Loss) Security Fair Value Cost $36,750 $31,500 $(5,250) А 29,400 3,150 в 26,250 53,550 5,250 48,300 Total $111,300 $114,450 3,150 Previous fair value adjustment balance-Dr. 840 Fair value adjustment-Dr. $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost Fair Value $31,500 $27,000 22,500 25,200 41,400 45,900 Total $95,400 $98,100 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(4,500 ) 2,700 4,500 2,700 720 $1,980 On January 20, 2021, Marigold, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value....
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for...
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for Pina, Inc. is as follows. Security Cost Fair Value $210,875 $180,750 150,625 168,700 277.150 307,275 $638,650 $656,725 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(30,125 ) 18,075 30,125 18,075 INNI On January 20, 2018, Pina, Inc. sold security A for $181.955. The sale proceeds are net of brokerage fees PinaInc. reports net income in 2017 of $1,446,000 and in 2018...
At December 31, 2020, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows. Security Cost...
At December 31, 2020, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,100 $14,200 $(2,900) B 11,800 15,300 3,500 C 22,000 25,600 3,600 Total $50,900 $55,100 4,200 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $3,900 On January 20, 2021, Ivanhoe, Inc. sold security A for $14,300. The sale proceeds are net of brokerage fees. Ivanhoe, Inc. reports net income in 2020 of $117,000 and in 2021 of $141,000....
Exercise 17-9 (Part Level Submission) At December 31, 2017, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $24,500 $21,000 B 17,500 19,600 32,200 35,700 Total $74,200 $76,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,500) 2,100 3,500 2,100 560 $1,540 On January 20, 2018, Blossom, Inc. sold security A for $21,140. The sale proceeds are net of brokerage fees. (b) Show the balance sheet presentation of the investment-related accounts at...
At December 31, 2017, the available-for-sale debt portfolio for
Shamrock, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$21,875
$18,750
$(3,125
)
B
15,625
17,500
1,875
C
28,750
31,875
3,125
Total
$66,250
$68,125
1,875
Previous fair value adjustment balance—Dr.
500
Fair value adjustment—Dr.
$1,375
On January 20, 2018, Shamrock, Inc. sold security A for $18,875.
The sale proceeds are net of brokerage fees.
Show the balance sheet presentation of the investment-related
accounts at December 31, 2017
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $36,750 $31,500 26,250 29,400 48,300 53,550 Total $111,300 $114,450 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(5,250) 3,150 5,250 3,150 840 $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value....
At December 31, 2020, the available-for-sale debt portfolio for Wildhorse, Inc. is as follows. Security - Cost Fair Value $18,000 $15,300 12,500 14,500 22,200 25,500 Total $52,700 $55,300 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(2,700 ) 2,000 3,300 2,600 300 $2,300 On January 20, 2021, Wildhorse, Inc. sold security A for $15,400. The sale proceeds are net of brokerage fees. Wildhorse, Inc. reports net income in 2020 of $122,000 and in 2021 of $142,000. Total...
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Vaughn, Inc. is as follows Unrealized Gain (Loss) Security Fair Value Cost $36,750 $31,500 $(5,250) А 29,400 3,150 в 26,250 53,550 5,250 48,300 Total $111,300 $114,450 3,150 Previous fair value adjustment balance-Dr. 840 Fair value adjustment-Dr. $2,310 On January 20, 2018, Vaughn, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at...
At December 31, 2020, the available-for-sale debt portfolio for Marigold, Inc. is as follows. Security Cost Fair Value $31,500 $27,000 22,500 25,200 41,400 45,900 Total $95,400 $98,100 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(4,500 ) 2,700 4,500 2,700 720 $1,980 On January 20, 2021, Marigold, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value....
Exercise 17-10 (Part Level Submission) At December 31, 2017, the available for sale debt portfolio for Pina, Inc. is as follows. Security Cost Fair Value $210,875 $180,750 150,625 168,700 277.150 307,275 $638,650 $656,725 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(30,125 ) 18,075 30,125 18,075 INNI On January 20, 2018, Pina, Inc. sold security A for $181.955. The sale proceeds are net of brokerage fees PinaInc. reports net income in 2017 of $1,446,000 and in 2018...
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