Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $15,100 $21,100 Poley Corp. 2,000 shares 39,900 41,800 Arnold Aircraft 2,000 shares 72,500 60,300 Totals $127,500 $123,200 What should be reported on Bridgeport’s December 31, 2020, balance sheet relative to these securities? What should be reported on Bridgeport’s 2020 income statement?
Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $15,100 $21,100 Poley Corp. 2,000 shares 39,900 41,800 Arnold Aircraft 2,000 shares 72,500 60,300 Totals $127,500 $123,200 What should be reported on Bridgeport’s December 31, 2020, balance sheet relative to these securities? What should be reported on Bridgeport’s 2020 income statement?
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 8MC: Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde...
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Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks.
|
Security
|
Quantity
|
Cost
|
Fair Value
|
|||||
| Lindsay Jones, Inc. | 1,000 shares | $15,100 | $21,100 | |||||
| Poley Corp. | 2,000 shares | 39,900 | 41,800 | |||||
| Arnold Aircraft | 2,000 shares | 72,500 | 60,300 | |||||
| Totals | $127,500 | $123,200 |
What should be reported on Bridgeport’s December 31, 2020,
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