Question

In footnotes to its 2016 annual report, Bancfirst Corp. reported that held-to-maturity debt securities with an...

In footnotes to its 2016 annual report, Bancfirst Corp. reported that held-to-maturity debt securities with an amortized cost of $4,365 thousand had an estimated fair value of $4,403 thousand. a. What amount does Bancfirst report on its 2016 balance sheet for these held-to-maturity securities? b. If these debt securities had instead been classified as available-for-sale securities, how would Bancfirst’s pretax income have been affected

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
In footnotes to its 2016 annual report, Bancfirst Corp. reported that held-to-maturity debt securities with an...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Trading (debt) securities are: Multiple Choice Recorded at cost and then reported at cost over the...

    Trading (debt) securities are: Multiple Choice Recorded at cost and then reported at cost over the life of the investment. Reported at historical cost and then adjusted for the amortized amount of any difference between cost and maturity value. Recorded at cost and then reported at fair value on the balance sheet. Intended to be held to maturity. Always classified as Long-Term Investments.

  • Held to Maturity Securities: ABC Co. Bonds Trading Securities: Amortized cost 12/31/2017 $367,500 Amortized Cost 12/31/2018...

    Held to Maturity Securities: ABC Co. Bonds Trading Securities: Amortized cost 12/31/2017 $367,500 Amortized Cost 12/31/2018 $360,000 awarded pred Fair Value 12/31/2017 $375,000 Fair value 12/31/2017 $ 48,000 $ 47,000 $ 44,000 Fair Value 12/31/2017 $130,500 DEF Co. Bonds GEH Inc. Bonds IJK Inc. Bonds Available for sale Securities: LMN Co. Bonds Fair Value 12/31/2018 $400,000 Fair Value 12/31/2018 $ 59,500 $ 77,000 $ 38,500 Fair Value 12/31/2018 $150,400 Cost $ 66,000 $ 39,000 $ 32,990 Cost $140,000 2140,000 What...

  • Which of the following statement(s) is (are) true about reporting held to maturity securities? I. Investments...

    Which of the following statement(s) is (are) true about reporting held to maturity securities? I. Investments in debt securities that are classified as held to maturity are reported at amortized cost. II. Interest revenue on debt securities that are classified as held to maturity are recognized as other comprehensive income. III. The market value of investments in debt securities that are classified as held to maturity must be disclosed. a. I and II b. I and III c. I, II,...

  • Explain answer. Bouton's Corporation reported that short-term investments in debt securities consisted of the following (in millions) Amortized Cost Fair Value December 31, 2016...

    Explain answer. Bouton's Corporation reported that short-term investments in debt securities consisted of the following (in millions) Amortized Cost Fair Value December 31, 2016 Shoshort-term investments — available-for-sale debt securities $686.8 $686.9 Shoshort-term investments — trading debt securities 80.9 66.0 TottTotal short-term investments $767.7 $752.9 Which of the following is true? Bouton's 2016 balance sheet includes short-term investments of $767.7 million. Unrealized losses of $14.9 million on trading securities are included in 2016 income. There are no net unrealized gains...

  • Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair...

    Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair market value. The Company evaluates whether the decline in fair value of its investments is other-than-temporary at each quarter-end. This evaluation consists of a review by management, and includes market pri information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer's financial condition and, if applicable, information on the guarantors financial condition. Factors considered...

  • Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations their...

    Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations their fair values are not considered permanent Held-to-Maturity Fair Value Fair Value Amortized Cost Amortized Cost Securities: 12/31/2020 12/31/2021 12/31/2020 $380,500 12/31/2021 ABC Co. Bonds S 388.000 $413,000 $373.000 Fair Value Fair Value Trading Securities: 12/31/2020 S 58,000 S 80.000 S 57,000 12/31/2021 Cost S 74 400 S 52,000 S 45,900 S 69.000 S 90.000 S 51,500 DEF Co Bonds GEH Inc. Bonds IJK Inc....

  • Accounting for Debt Securities- Held-to-Maturity Kurl Company had the following transactuons and adjustments related to a...

    Accounting for Debt Securities- Held-to-Maturity Kurl Company had the following transactuons and adjustments related to a bond investment: Accounting for Debt Securities-Held-to-Maturity Kurl Company had the following transactions and adjustments related to a bond investment: 2016 Jan. Purchased $600,000 face value of Sphere, Inc.'s 9 percent bonds at 102 plus a brokerage commission of $900. The bonds pay interest on June 30 1 and December 31 and mature in 10 years. Kuri expects to hold the bonds to maturity. June...

  • Question 12 (1 point) Beresford Inc. purchased several investments in debt securities during 2018, its first...

    Question 12 (1 point) Beresford Inc. purchased several investments in debt securities during 2018, 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 Fair Value Securities: 12/31/2017 ABC Co. Bonds $375,000 Trading Fair Value Securities : 12/31/2017 DEF Co. Bonds $ 48,000 GEH Inc. Bonds $ 47,000 DOK Inc. Bonds $ 44,000 Available for Fair Value Sale Securities : 12/31/2017 LMN Co. Bonds $130,500...

  • Long-term investments cannot include: Multiple Choice Held-to-maturity debt securities. Securities with maturity dates within three months....

    Long-term investments cannot include: Multiple Choice Held-to-maturity debt securities. Securities with maturity dates within three months. Equity securities giving an investor insignificant influence over an investee. Equity securities giving an investor significant influence over an investee. Available-for-sale debt securities.

  • 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT