At December 31, 2020, the available-for-sale debt portfolio for Waterway, Inc. is as follows. Security A B с Total Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Cost $36,750 26,250 48,300 $111,300 Fair Value $31,500 29,400 53,550 $114,450 Unrealized Gain (Loss) $(5,250 ) 3,150 5,250 3,150 840 $2,310 On January 20, 2021, Waterway, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees.

At December 31, 2020, the available-for-sale debt portfolio for Waterway, Inc. is as follows. Security A B с Total Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Cost $36,750 26,250 48,300 $111,300 Fair Value $31,500 29,400 53,550 $114,450 Unrealized Gain (Loss) $(5,250 ) 3,150 5,250 3,150 840 $2,310 On January 20, 2021, Waterway, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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