Use the following information for the Quick Study below. (Static) [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 nates Lucerne Company bonds i QS 15-9 (Static) Adjusting available-for-sale debt securities to fair value LO P3 Prepare the December 31 adjusting entry to report these investments at fair value Fair Value Adjustment Computation of fair value adjustment. General Journal Complete this question by entering your answers in the tabs below. Cost $ 89,600 70,600 86,500 Verrizano Corporation bonds Preble Corporation notes Luceme Company bonds Total Fair Value Adjustment Computation-Available for Sale Portfolio Unrealized Amount $ Cost Fair Value $ 91,600 62,900 83,100 Fair Value 89 600 $ 91,600 70 600 62.900 86.500 83,100 $ 246,700 $ 237,600 Unrealized Loss
Use the following information for the Quick Study below. (Static) [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 nates Lucerne Company bonds i QS 15-9 (Static) Adjusting available-for-sale debt securities to fair value LO P3 Prepare the December 31 adjusting entry to report these investments at fair value Fair Value Adjustment Computation of fair value adjustment. General Journal Complete this question by entering your answers in the tabs below. Cost $ 89,600 70,600 86,500 Verrizano Corporation bonds Preble Corporation notes Luceme Company bonds Total Fair Value Adjustment Computation-Available for Sale Portfolio Unrealized Amount $ Cost Fair Value $ 91,600 62,900 83,100 Fair Value 89 600 $ 91,600 70 600 62.900 86.500 83,100 $ 246,700 $ 237,600 Unrealized Loss
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 1PA: Soto Industries Inc. is an athletic footware company that began operations on January 1, Year 1. The...
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