Fair value journal entries, trading investments Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3.The cost and fair value of this portfolio on December 31, 20Y3, was as follows: Name Number of Shares Total Cost Total Fair Value Dolphins Inc. 1,400 $28,000 $30,800 Marino Company 1,200 30,000 27,600 Namath Company 800 28,000 26,400 Total $86,000 $84,800 Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3.

BuyFind

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
BuyFind

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535

Solutions

Chapter
Section
Chapter D, Problem D.10EX
Textbook Problem

Fair value journal entries, trading investments

Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3.The cost and fair value of this portfolio on December 31, 20Y3, was as follows:

Name Number of Shares Total Cost Total Fair Value
Dolphins Inc. 1,400 $28,000 $30,800
Marino Company 1,200 30,000 27,600
Namath Company 800 28,000 26,400
Total   $86,000 $84,800

Journalize the entry to record the adjustment of the trading security portfolio to fair value on December 31, 20Y3.

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