At December 31, 2020, the available-for-sale debt portfolio for Waterway, Inc. is as follows. Security A B с Total Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Cost $36,750 26,250 48,300 $111,300 Fair Value $31,500 29,400 53,550 $114,450 Unrealized Gain (Loss) $(5,250 ) 3,150 5,250 3,150 840 $2,310 On January 20, 2021, Waterway, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees.

At December 31, 2020, the available-for-sale debt portfolio for Waterway, Inc. is as follows. Security A B с Total Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Cost $36,750 26,250 48,300 $111,300 Fair Value $31,500 29,400 53,550 $114,450 Unrealized Gain (Loss) $(5,250 ) 3,150 5,250 3,150 840 $2,310 On January 20, 2021, Waterway, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees.

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

don't give answer in image format

At December 31, 2020, the available-for-sale debt portfolio for Waterway, Inc. is as follows.
Security
A
B
с
Total
Previous fair value adjustment balance-
Dr.
Fair value adjustment-Dr.
Cost
$36,750
26,250
48,300
$111,300
Fair Value
$31,500
29,400
53,550
$114,450
Unrealized
Gain (Loss)
$(5,250 )
3,150
5,250
3,150
840
$2,310
On January 20, 2021, Waterway, Inc. sold security A for $31,710. The sale proceeds are net of brokerage fees.

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 O for the amounts.)
Date
Jan. 20,
2021
Account Titles and Explanation
Cash
Loss on Sale of Investments
Debt Investments
Debit
31710
Credit
31500
210

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