In its first year of operations, Sandhill Corporation purchased available-for-sale debt securıties costing $70,0 investment. At December 31, 2022, the fair value of the securities is $65,000. Prepare the adjusting entry to record 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 Dec. 31
In its first year of operations, Sandhill Corporation purchased available-for-sale debt securıties costing $70,0 investment. At December 31, 2022, the fair value of the securities is $65,000. Prepare the adjusting entry to record 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 Dec. 31
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 3MC: On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9%...
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Transcribed Image Text:In its first year of operations, Sandhill Corporation purchased available-for-sale debt securities costing $70,000 as a long-term
investment. At December 31, 2022, the fair value of the securities is $65,000.
Prepare the adjusting entry to record 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
Dec. 31
Transcribed Image Text:In its first year of operations, Wildhorse Corporation purchased, available-for-sale debt securities costing $65,000 as a long-term
investment. At December 31, 2022, the fair value of the securities is $60,500.
Show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. (Enter negative
amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).)
WILDHORSE CORPORATION
Balance Sheet
WILDHORSE CORPORATION
Comprehensive Income Statement
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