At December 31, 2020, the available-for-sale debt portfolio for Cheyenne Corp. is as follows. Securities Cost Fair Value Unrealized Gain (Loss) Good Co. Bonds $28,800 $26,600 $(2,200 ) Home Co. Bonds 31,700 33,700 2,000 Grand Inc. Debentures 36,700 37,800 1,100 97,200 98,100 900 Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit balance of $470. CheyenneCorp. reported net income of $80,100 for 2020. Prepare the adjusting entry at December 31, 2020, to report the portfolio 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Enter xxx if amount is not known.) CHEYENNE CORP. Balance Sheet choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an opening name for subsection one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity enter a balance sheet item $enter a dollar amount select an opening name for section one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a subtotal of the three previous amounts select between addition and deduction LessAdd: enter a balance sheet item enter a dollar amount select a closing name for section one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $enter a total amount for section one

At December 31, 2020, the available-for-sale debt portfolio for Cheyenne Corp. is as follows. Securities Cost Fair Value Unrealized Gain (Loss) Good Co. Bonds $28,800 $26,600 $(2,200 ) Home Co. Bonds 31,700 33,700 2,000 Grand Inc. Debentures 36,700 37,800 1,100 97,200 98,100 900 Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit balance of $470. CheyenneCorp. reported net income of $80,100 for 2020. Prepare the adjusting entry at December 31, 2020, to report the portfolio 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Enter xxx if amount is not known.) CHEYENNE CORP. Balance Sheet choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an opening name for subsection one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity enter a balance sheet item $enter a dollar amount select an opening name for section one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount enter a subtotal of the three previous amounts select between addition and deduction LessAdd: enter a balance sheet item enter a dollar amount select a closing name for section one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $enter a total amount for section one

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

At December 31, 2020, the available-for-sale debt portfolio for Cheyenne Corp. is as follows.

Securities	Cost	Fair Value	Unrealized Gain (Loss)
Good Co. Bonds	$28,800	$26,600	$(2,200	)
Home Co. Bonds	31,700	33,700	2,000
Grand Inc. Debentures	36,700	37,800	1,100
	97,200	98,100	900

Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit balance of $470. CheyenneCorp. reported net income of $80,100 for 2020.

Prepare the adjusting entry at December 31, 2020, to report the portfolio 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Enter xxx if amount is not known.)

CHEYENNE CORP. Balance Sheet choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an opening name for subsection one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
enter a balance sheet item	$enter a dollar amount

select an opening name for section one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
enter a balance sheet item		enter a dollar amount
enter a balance sheet item		enter a dollar amount
enter a balance sheet item		enter a dollar amount
		enter a subtotal of the three previous amounts
select between addition and deduction LessAdd: enter a balance sheet item		enter a dollar amount
select a closing name for section one Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity		$enter a total amount for section one

Prepare a statement of comprehensive income for 2020, starting with net income.

CHEYENNE CORP. Statement of Comprehensive Income choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Net income		$enter a dollar amount
Other comprehensive income
Unrealized holding gain (loss)		enter a dollar amount
Comprehensive income		$enter a total amount for this statement

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 8 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.