Homework Answers
Solution:
|
Debit |
Credit |
|
|
Unrealized Gain or Loss—Equity |
13,200 |
|
|
Fair Value Adjustment—Available- for-Sale |
13,200 |
|
Balance sheet |
|
|
Investment |
|
|
Investments in stock of less than 20% owned companies, at fair value |
40,400 |
|
Stockholders’ equity |
|
|
Less: Unrealized loss on available-for-sale securities |
-13,200 |
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Weygandt, Accounting Principles, 12e Question 3 t December 31, 2017, the avallablefor-sale securities for Storer, Inc....
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At December 31, 2020, the available-for-sale debt securities for
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Security
Cost
Fair Value
A
$17,500
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B
12,500
14,000
C
23,000
21,000
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$51,000
Prepare the adjusting entry at December 31, 2020, to report the
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automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and...
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Exercise 16s a-b At December 31, 2020, the available-for-sale secunities for Allison, Inc. are as follows Security Cost Fair Value X$27,500 $24,000 Y 12,500 13,000 Z 23,000 18,000 $63,000 $55,000 Prepare the edust ng entry at December 31, 2020,to report the securities at fair value (credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) Date Account Titles and Explanation Credit Dec. 31 a 2020, after edjustment to fair value. The securities are considered to...
At December 31, 2020, the available-for-sale debt securities for
Storrer, Inc. are as follows. The securities are considered to be a
long-term investment.
Security
Cost
Fair Value
A
$17,500
$16,000
B
12,500
14,000
C
23,000
21,000
$53,000
$51,000
Prepare the adjusting entry at December 31, 2020, to report the
securities at fair value. (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 titles and...
Exercise 16-11 - (Part Level Submission) At December 31, 2020, the available for sale debt securities for Pharoah, Inc. are as follows. The securities are considered to be a long-term investment. Security Cost $17,100 12,400 23,300 $52,800 Fair Value $15,800 14,500 19,200 $49,500 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do ne indent manually. If no entry is required, select "No...
Exercise 17-9 At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows Ur Cost Fair Value Gain (Loss) $15,000 14,000 25,500 $54,500 $(2,500) $17,500 12,500 23,000 $53,000 1,500 2,500 1,500 400 $1,100 Total Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair...
E17-9 (L01) (Available-for-Sale Debt Securities Entries and Financial Statement Presentation) At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) $17,500 $15,000 152,500) 12,500 14,000 1,500 23,000 25,500 2,500 Total $53,000 $54,500 Previous fair value adjustment balance-Dr. Fair value adjustment--Dr. On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are not of brokerage fees Instructions (a) Prepare the adjusting entry at December...
Exercise 16-11 a-b (Part Level Submission) At December 31, 2020, the available-for-sale debt securities for Sandhill, Inc. are as follows. The securities are considered to be a long-term investment. Security Cost Fair Value $17,300 12,500 22,500 $52,300 $16,400 14,100 18,700 $49,200 (a) Your answer is partially correct. Try again. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $62,000, (2) 10,000 shares of Munter Ltd. common stock which cost $570,000, and (3) 6,600 shares of King Company preferred stock which cost $283,800. The Fair Value Adjustment account shows a credit of $10,800 at the end of 2017. In 2018, Pronghorn completed the following securities transactions. 1....
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