Asian bank acquired the following portfolio equity securities to other comprehensive income during 2018 and reported the following balances: Market Value Security Historical Cost 2018 2019 A 600,000 610,000 625,000 B 380,000 385,000 400,000 C 450,000 470,000 490,000 No sales occurred during 2018 and 2019. All declines are considered to be temporary. What is the carrying value of the portfolio of equity securities in Asian's December 31, 2018 and 2019 statement of financial positions, respectively? a. 1,430,000 and 1,430,000 b. 1,430,000 and 1,515,000 c. 1,430,000 and 1,465,000 d. 1,465,000 and 1,515,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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Asian bank acquired the following portfolio equity securities to other comprehensive income during 2018 and reported the following balances:

Market Value
Security Historical Cost 2018 2019
A 600,000 610,000 625,000
B 380,000 385,000 400,000
C 450,000 470,000 490,000

No sales occurred during 2018 and 2019. All declines are considered to be temporary. What is the carrying value of the portfolio of equity securities in Asian's December 31, 2018 and 2019 statement of financial positions, respectively?

a. 1,430,000 and 1,430,000

b. 1,430,000 and 1,515,000

c. 1,430,000 and 1,465,000

d. 1,465,000 and 1,515,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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