FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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aluing Available-for-Sale Securities at Fair ValueOn January 1, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, the cost of the available-for-sale securities was $198,000, and the fair value was $203,410.Prepare the adjusting entry to record the unrealized gain or loss on available-for-sale investments on December 31.Dec. 31
ces
Q&M Apparel purchased debt securities on January 1 for $150,000 and classified the investments as trading securities. On December
31, the debt securities are valued at $148,000.
Record the year-end entry to adjust these securities to their fair value.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
1
Record the adjusting trading securities to fair value
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
Che
During the course of your examination of the financial statements of Sunland Corporation for the year ended December 31, 2025, you
found a new account, "Investments." Your examination revealed that during 2025, Sunland began a program of investments, and all
investment-related transactions were entered into this account. Your analysis of this account for 2025 follows:
Date-2025
Feb. 14
July
26
Sept.
28
Apr.
Oct. 28
30
Sunland Corporation
Analysis of Investments Account
For the Year Ended December 31, 2025
(a)
Blossom Company Common Stock
Purchased 3,900 shares @ $66 per share.
Received 390 shares of Blossom Company common stock as a stock dividend.
(Memorandum entry in general ledger.)
Sold the 390 shares of Blossom Company common stock received July 26 @ $70 per
share.
(b)
Daniel Inc. Common Stock
Purchased 18,100 shares @ $42 per share.
Received dividend of $1 per share.
Debit
$257,400
$760,200
Credit
$27,300
$18,100
Chapter C Solutions
FINANCIAL ACCT-CONNECT
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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- Current Attempt in Progress In its first year of operations, Sheridan Corporation purchased available-for-sale debt securities costing $68,500 as a long-term investment. At December 31, 2022, the fair value of the securities is $63.650. 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 Dec. 31 Account Titles and Explanation Debit Creditarrow_forwardTicker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 View transaction list View journal entry worksheet Prepare journal entries to record each year-end fair value adjustment for these securities. No 3 Cost $11,000 18,900 20,600 14,800 Date Dec. 31, Year 3 No Transaction Recorded Fair Value $17,500 28,000 30, 200 19,700 General Journal Debit Credit Ⓒarrow_forwardBlossom SE has the following data at December 31, 2020. Securities Cost Fair Value Trading €118,200 €126,300 Non-trading 104,000 92,900 The non-trading securities are held as a long-term investment. This is the first year of the company's operations. Prepare the adjusting entries to report each class of securities at fair value. (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.) Account Titles and Explanation Debit Creditarrow_forward
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