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M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $81,120 French Broad Industries Inc. 18,850 Pisgah Construction Inc. 10,400 Total $110,370 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 20Y5 Arden Enterprises Inc. $103,350 French Broad Industries Inc. 20,150 Pisgah Construction Inc. 9,600 $133,100 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y5 Dec. 31 b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio

M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $81,120 French Broad Industries Inc. 18,850 Pisgah Construction Inc. 10,400 Total $110,370 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 20Y5 Arden Enterprises Inc. $103,350 French Broad Industries Inc. 20,150 Pisgah Construction Inc. 9,600 $133,100 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y5 Dec. 31 b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio

Intermediate Accounting: Reporting And Analysis
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
Chapter12: Intangibles
Section: Chapter Questions
Problem 18E
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M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $81,120 French Broad Industries Inc. 18,850 Pisgah Construction Inc. 10,400 Total $110,370 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 2OY5 Arden Enterprises Inc. $103,350 French Broad Industries Inc. 20,150 Pisgah Construction Inc. 9,600 $133,100 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y5 Dec. 31 b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio
Transcribed Image Text:M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $81,120 French Broad Industries Inc. 18,850 Pisgah Construction Inc. 10,400 Total $110,370 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 2OY5 Arden Enterprises Inc. $103,350 French Broad Industries Inc. 20,150 Pisgah Construction Inc. 9,600 $133,100 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y5 Dec. 31 b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio
b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 88 20Y6 Dec. 31 c. If the fair value of the portfolio of securities was $135,700 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y6 Dec. 31 d. If the fair value of the portfolio of securities was $130,900 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 88 20Y6 Dec. 31
Transcribed Image Text:b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 88 20Y6 Dec. 31 c. If the fair value of the portfolio of securities was $135,700 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y6 Dec. 31 d. If the fair value of the portfolio of securities was $130,900 on December 31, 20Y6, what would be the journal entry to adjust the portfolio to fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 88 20Y6 Dec. 31
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