Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Problem 15-3A (Algo) Debt Investments in available-for-sale securities; unrealized and realized gains and
losses LO P3
[The following information applies to the questions displayed below.]
Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities
Company A bonds
Fair Value
$ 492,000
155,000
642,140
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
January 29 Sold one-half of the Company B notes for $78,820.
July 6 Purchased Company X bonds for $122,100.
November 13 Purchased Company Z notes for $267,300.
December 9 Sold all of the Company A bonds for $524,800.
Fair values at December 31 are B, $82,300; C, $603,800; X. $120,000; and Z, $276,000.
Company B notes
Company C bonds
Problem 15-3A (Algo) Part 1 and 2
Cost
$ 534,100
159, 140
662,400
Required:
1. Prepare journal entries to record these transactions, including the December…
Current Attempt in Progress
Oriole Company has these data at December 31, 2022, the end of its first year of operations.
Debt Securities
Trading
Available-for-sale
(a)
Cost
$120,900
(1)
100,400
The available-for-sale securities are held as a long-term investment.
(2)
Fair Value
$125,900
98,400
Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale 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.)
No. Account Titles and Explanation
Debit
Credit
Required information
Problem 15-3A (Algo) Debt investments in available-for-sale securities; unrealized and realized gains and
losses LO P3
[The following information applies to the questions displayed below]
Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities
Cost
Company A bonds
Company B notes
$530,700
159,250
Fair Value
$ 495,000
151,000
647,710
Company C bonds
661,000
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
January 29 Sold one-half of the Company B notes for $78,000.
July 6 Purchased Company X bonds for $123,600.
November 13 Purchased Company Z notes for $267,900.
December 9 Sold all of the Company A bonds for $518,300.
Fair values at December 31 are B. $84,300; C, $604,800, X, $100,000, and Z, $288,000.
Problem 15-3A (Algo) Part 1 and 2
Chapter C Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. C - Under what two conditions should investments be...Ch. C - Prob. 2DQCh. C - Prob. 3DQCh. C - Identify the three classes of debt investments and...Ch. C - Prob. 5DQCh. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQ
Ch. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Prob. 13DQCh. C - Prob. 14DQCh. C - Prob. 15DQCh. C - Prob. 16DQCh. C - Prob. 17DQCh. C - Which of the following statements a through g are...Ch. C - Prob. 2QSCh. C - Prob. 3QSCh. C - Prob. 4QSCh. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Prob. 7QSCh. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - Prob. 12QSCh. C - Prob. 13QSCh. C - Prob. 14QSCh. C - Prob. 15QSCh. C - Prob. 16QSCh. C - Prob. 17QSCh. C - Prob. 1ECh. C - Prob. 2ECh. C - Prob. 3ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Prob. 6ECh. C - Prob. 7ECh. C - Prob. 8ECh. C - Prob. 9ECh. C - Prob. 10ECh. C - Prob. 12ECh. C - Prob. 13ECh. C - Prob. 14ECh. C - Prob. 15ECh. C - Prob. 16ECh. C - Prob. 2PSACh. C - Prob. 6PSACh. C - Prob. 2PSBCh. C - Prob. 3PSBCh. C - Prob. 5PSBCh. C - Prob. 6PSBCh. C - Prob. CSPCh. C - Prob. 4BTNCh. C - Prob. 9BTN
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