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At December 31, 2020, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security   Cost   Fair Value   Unrealized Gain (Loss) A   $32,375   $27,750   $(4,625 ) B   23,125   25,900   2,775   C   42,550   47,175   4,625   Total   $98,050   $100,825   2,775   Previous fair value adjustment balance—Dr.   740   Fair value adjustment—Dr.   $2,035   On January 20, 2021, Shamrock, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees. Part 1   Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter 0 for amounts.) SHAMROCK, INC Balance Sheet                               $                                                                                   :                                         $       Prepare the journal entry for the 2021 sale of security A. (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.) Date Account Titles and Explanation Debit Credit Jan. 20, 2021

At December 31, 2020, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security   Cost   Fair Value   Unrealized Gain (Loss) A   $32,375   $27,750   $(4,625 ) B   23,125   25,900   2,775   C   42,550   47,175   4,625   Total   $98,050   $100,825   2,775   Previous fair value adjustment balance—Dr.   740   Fair value adjustment—Dr.   $2,035   On January 20, 2021, Shamrock, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees. Part 1   Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter 0 for amounts.) SHAMROCK, INC Balance Sheet                               $                                                                                   :                                         $       Prepare the journal entry for the 2021 sale of security A. (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.) Date Account Titles and Explanation Debit Credit Jan. 20, 2021

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At December 31, 2020, the available-for-sale debt portfolio for Shamrock, Inc. is as follows.

Security
  
Cost
  
Fair Value
  
Unrealized
Gain (Loss)
A   $32,375   $27,750   $(4,625 )
B   23,125   25,900   2,775  
C   42,550   47,175   4,625  
Total   $98,050   $100,825   2,775  
Previous fair value adjustment balance—Dr.   740  
Fair value adjustment—Dr.   $2,035  

On January 20, 2021, Shamrock, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees.

Part 1

 
Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter 0 for amounts.)

SHAMROCK, INC
Balance Sheet
 
 
 
            
 
 
        
$
  
 
 
            
 
 
            
 
 
            
 
 
            
             
 
:            
 
 
            
 
 
         $  
 
 
Prepare the journal entry for the 2021 sale of security A. (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.)

Date
Account Titles and Explanation
Debit
Credit
Jan. 20, 2021
 
 
 
 
 
 
 
 
 
 
 
 
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