Required information [The following information applies to the questions displayed below.] On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Prepare the December 31 adjusting entry to report these investments at fair value. General Journal Complete this question by entering your answers in the tabs below. Fair Value Adjustment Computation of fair value adjustment. Cost $ 68,000 49,000 64,000 Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Total Fair Value Adjustment Computation - Available for Sale Portfolio Unrealized Amount $ Cost Fair Value $ 66,640 43,610 61,440 Fair Value 68,000 $ 66,640 49,000 43,610 64,000 61,440 $ 181,000 $ 171,690 Unrealized Loss

Required information [The following information applies to the questions displayed below.] On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Prepare the December 31 adjusting entry to report these investments at fair value. General Journal Complete this question by entering your answers in the tabs below. Fair Value Adjustment Computation of fair value adjustment. Cost $ 68,000 49,000 64,000 Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Total Fair Value Adjustment Computation - Available for Sale Portfolio Unrealized Amount $ Cost Fair Value $ 66,640 43,610 61,440 Fair Value 68,000 $ 66,640 49,000 43,610 64,000 61,440 $ 181,000 $ 171,690 Unrealized Loss

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 7RE: Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith...

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Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
On December 31, Reggit Company held the following short-term investments in its portfolio of availablefor- sale debt securities. Reggit had no short-term investments in its prior accounting periods. Prepare the December 31 adjusting entry to report these investments at fair value. Available-for-Sale Securities Cost Fair Value Verrizano Corporation bonds $89,600 $91,600 Preble Corporation notes 70,600 62,900 Lucerne Company bonds 86,500 83,100
On December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. Fair Value AdjustmentGeneral Journal Computation of fair value adjustment. Computation of Fair Value Adjustment Available-for-Sale Securities Cost Fair Value Unrealized Amount Gain or Loss? Nintendo Company notes $74,400 $81,096 Atlantic bonds 29,760 27,677 Kellogg Company notes 53,568 50,354 McDonald's Corporation bonds 100,440 95,418 Totals $258,168 $254,545
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