At December 31, 2017 the end of its first year of operations the following lists the securities for Geneva, AG. Security A ABC Cost CHF17,600 12,600 23,200 CHF53,400 Dec . 31 Fair Value CHF15,900 14,400 18,800 CHF49,100 Assume that the investments are classified as non- trading securities. The securities are considered to be a long-term investment. (a) Prepare the adjusting entry at December 31, 2017, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
At December 31, 2017 the end of its first year of operations the following lists the securities for Geneva, AG. Security A ABC Cost CHF17,600 12,600 23,200 CHF53,400 Dec . 31 Fair Value CHF15,900 14,400 18,800 CHF49,100 Assume that the investments are classified as non- trading securities. The securities are considered to be a long-term investment. (a) Prepare the adjusting entry at December 31, 2017, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At December 31, 2017 the end of its first year of
operations the following lists the securities for Geneva,
AG.
Security
A
B
C
Cost
CHF17,600
12,600
23,200
CHF53,400
Fair Value
Dec
. 31
CHF15,900
14,400
18,800
CHF49,100
Assume that the investments are classified as non-
trading securities. The securities are considered to be a
long-term investment.
(a)
Prepare the adjusting entry at December 31, 2017, to report the
securities at fair value. (Credit account titles are
automatically indented when amount is entered. Do not
indent manually.)
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