Carpark Services began operations in 2001 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for itsportfolio of these debt securities follows.Available-for-Sale SecuritiesDecember 31, 20x1December 31, 20x2Cost$ 250,000$ 340,000Fair Value$ 251,000$ 350,000The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is:Debit Unvealed Gain-Equity $1000; Credit Fair Value Adjustment-Available for Sale $1.000Debit Uzed Loss-Equity $1,000, Credit Fair Value Adjustment-Available-for-Sale $1.000Detit Realized Loss-Income $1,000: Creat Fair Value Adjustment-Available for Sale $1,000Debat Far Value Adjustment-Available for Sale $1.000 Credit Unrealized Loss-Equity $1,000

A journal entry is being used to record a business arrangement in a corporation's accounting…

Carpark Services began operations in 20X1 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. Available-for-Sale Securities December 31, 20x1 December 31, 20x2 Cost $ 250,000 Fair Value $ 251,000 $ 340,000 $ 350,000 The year-end adjusting entry to record the unrealized gain/loss at December 31, 2011 is

Carpark Services began operations in 20X1 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. Available-for-Sale Securities December 31, 20x1 December 31, 20x2 Cost $ 250,000 Fair Value $ 251,000 $ 340,000 $ 350,000 The year-end adjusting entry to record the unrealized gain/loss at December 31, 2011 is

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 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

See similar textbooks

Similar questions

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.
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
Carpark Services began operations in 20X1 and maintains investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. Available-for-Sale Securities Fair Value $ 323,800 December 31, 20x1 December 31, 20x2 $ 411,600 The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is: Cost $ 320,000 $ 396,000 A
Ticker 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 Ⓒ
Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of debt securities follows. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X2 is: Available-for-Sale Securities Cost Fair Value December 31, 20X1 $ 305,000 $ 300,000 December 31, 20X2 $ 384,000 $ 390,000
Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Cost Fair Value $ 15,600 24,800 6,200 $ 11,700 26,040 4,960 Ford Bonds Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities. View transaction list Journal entry worksheet 1 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction list
Required information [The following information applies to the questions displayed below] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction list Cost $ 14,100 22,800 5,700 Journal entry worksheet < 1 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities Fair Value $ 10,575 Record the year-end adjustment to fair value, if any. 23,940 4,560
Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $15,900 25,200 6,300 Fair Value $11,925 26,460 5,040 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities. View transaction list View journal entry worksheet No Date General Journal 1 Dec. 31 Unrealized gain - Income Fair value adjustment - AFS Debit Credit ×
During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $76,000 cost. At its December 31 year-end, these securities had a fair value of $63,400. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet 1 2 Record purchase of available-for-sale securities. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journal
Pharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 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 0 for the amounts.) No. Account Titles and Explanation (1) Debit Credit
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds (1) After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. (2) In which income statement section is the unrealized gain (or loss) on the portfolio of trading securities reported? Required 1 Cost $ 12,900 21, 200 5,300 Complete this question by entering your answers in the tabs below. Required 2 Fair Value $ 9,675 22,260 4,240 KITTY COMPANY Assets Section of Balance Sheet December 31 Assets After the fair value adjustment is made, prepare the assets section of Kitty Company's December 31 classified balance sheet. Note: Amounts to be deducted should be indicated with a minus sign.