At December 31, 2022, the trading debt securities for Cullumber, Inc. are as follows. Security A B C (a) Cost $17,400 12,800 Dec. 31 23,100 $53,300 Fair Value $16,000 13,800 18,700 $48,500 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit entries. 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 enter O for the amounts.) Date Account Titles and Explanation Debit Credit

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
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 16E
icon
Related questions
Question
List of Accounts Cash Debt Investments Dividend Revenue Fair Value Adjustment-Available-for-Sale Fair Value Adjustment-Stock Fair Value Adjustment-Trading Gain on Sale of Debt Investments Gain on Sale of Stock Investments Interest Receivable Interest Revenue Loss on Sale of Debt Investments Loss on Sale of Stock Investments No Entry Revenue from Stock Investments Short-Term Investments Stock Investments Unrealized Gain or Loss-Equity Unrealized Gain or Loss-Income
(b)
Show the balance sheet and income statement presentation at December 31, 2022, after adjustment to fair value.
Cullumber, Inc.
Balance Sheet (Partial)
Cullumber, Inc.
Income Statement (Partial)
$
Transcribed Image Text:(b) Show the balance sheet and income statement presentation at December 31, 2022, after adjustment to fair value. Cullumber, Inc. Balance Sheet (Partial) Cullumber, Inc. Income Statement (Partial) $
At December 31, 2022, the trading debt securities for Cullumber, Inc. are as follows.
Security
A
B
(a)
Cost
$17,400
Dec. 31
12,800
23,100
$53,300
Fair Value
eTextbook and Media
List of Accounts
$16,000
Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit entries.
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 enter O for the amounts.)
Save for Later
13,800
Date Account Titles and Explanation
18,700
$48,500
Debit
Credit
Attempts: 0 of 2 used
Submit Answer
Transcribed Image Text:At December 31, 2022, the trading debt securities for Cullumber, Inc. are as follows. Security A B (a) Cost $17,400 Dec. 31 12,800 23,100 $53,300 Fair Value eTextbook and Media List of Accounts $16,000 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit entries. 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 enter O for the amounts.) Save for Later 13,800 Date Account Titles and Explanation 18,700 $48,500 Debit Credit Attempts: 0 of 2 used Submit Answer
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning