At December 31, 2020, the available-for-sale debt portfolio for Windsor, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $27,125 $23,250 $(3,875 ) B 19,375 21,700 2,325 C 35,650 39,525 3,875 Total $82,150 $84,475 2,325 Previous fair value adjustment balance—Dr. 620 Fair value adjustment—Dr. $1,705 On January 20, 2021, Windsor, Inc. sold security A for $23,405. The sale proceeds are net of brokerage fees. 1). Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. 2). Show the balance sheet presentation of the investment-related accounts at December 31, 2020

At December 31, 2020, the available-for-sale debt portfolio for Windsor, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $27,125 $23,250 $(3,875 ) B 19,375 21,700 2,325 C 35,650 39,525 3,875 Total $82,150 $84,475 2,325 Previous fair value adjustment balance—Dr. 620 Fair value adjustment—Dr. $1,705 On January 20, 2021, Windsor, Inc. sold security A for $23,405. The sale proceeds are net of brokerage fees. 1). Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. 2). Show the balance sheet presentation of the investment-related accounts at December 31, 2020

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...

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At December 31, 2020, the available-for-sale debt portfolio for Windsor, Inc. is as follows. Security Cost Fair Value UnrealizedGain (Loss) A $27,125 $23,250 $(3,875 ) B 19,375 21,700 2,325 C 35,650 39,525 3,875 Total $82,150 $84,475 2,325 Previous fair value adjustment balance—Dr. 620 Fair value adjustment—Dr. $1,705 On January 20, 2021, Windsor, Inc. sold security A for $23,405. The sale proceeds are net of brokerage fees. 1). Show the balance sheet presentation of the investment-related accounts at December 31, 2020. 2). Prepare the journal entry for the 2021 sale of security A.
At December 31, 2020, the available-for-sale debt portfolio for Whispering, Inc. is as follows. Security Cost Fair Value UnrealizedGain (Loss) A $ 27,125 $ 23,250 $( 3,875 ) B 19,375 21,700 2,325 C 35,650 39,525 3,875 Total $ 82,150 $ 84,475 2,325 Previous fair value adjustment balance—Dr. 620 Fair value adjustment—Dr. $ 1,705 On January 20, 2021, Whispering, Inc. sold security A for $ 23,405. The sale proceeds are net of brokerage fees. (a) 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
At December 31, 2020, the available-for-sale debt portfolio for Whispering, Inc. is as follows. Security Cost Fair Value UnrealizedGain (Loss) A $ 27,125 $ 23,250 $( 3,875 ) B 19,375 21,700 2,325 C 35,650 39,525 3,875 Total $ 82,150 $ 84,475 2,325 Previous fair value adjustment balance—Dr. 620 Fair value adjustment—Dr. $ 1,705 On January 20, 2021, Whispering, Inc. sold security A for $ 23,405. The sale proceeds are net of brokerage fees.
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Security Cost Fair Value UnrealizedGain (Loss) A $ 17,800 $ 15,500 $( 2,300 ) B 11,300 14,700 3,400 C 23,700 26,500 2,800 Total $ 52,800 $ 56,700 3,900 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $ 3,600 On January 20, 2021, Sheridan, Inc. sold security A for $ 15,600. The sale proceeds are net of brokerage fees.Sheridan, Inc. reports net income in 2020 of $ 117,000 and in 2021 of $ 148,000. Total holding gains (including any realized holding gain or loss) equal $ 47,000 in 2021. (a) Prepare a statement of comprehensive income for 2020, starting with net income. SHERIDAN, INCStatement of Comprehensive Income $ $
At December 31, 2020, the available-for-sale debt portfolio for Sheridan, Inc. is as follows. Security Cost Fair Value UnrealizedGain (Loss) A $ 17,800 $ 15,500 $( 2,300 ) B 11,300 14,700 3,400 C 23,700 26,500 2,800 Total $ 52,800 $ 56,700 3,900 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $ 3,600 On January 20, 2021, Sheridan, Inc. sold security A for $ 15,600. The sale proceeds are net of brokerage fees.Sheridan, Inc. reports net income in 2020 of $ 117,000 and in 2021 of $ 148,000. Total holding gains (including any realized holding gain or loss) equal $ 47,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. SHERIDAN, INCStatement of Comprehensive Income $ $
At December 31, 2020, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows. Security Cost Fair Value UnrealizedGain (Loss) A $17,100 $14,200 $(2,900) B 11,800 15,300 3,500 C 22,000 25,600 3,600 Total $50,900 $55,100 4,200 Previous fair value adjustment balance—Dr. 300 Fair value adjustment—Dr. $3,900 On January 20, 2021, Ivanhoe, Inc. sold security A for $14,300. The sale proceeds are net of brokerage fees.Ivanhoe, Inc. reports net income in 2020 of $117,000 and in 2021 of $141,000. Total holding gains (including any realized holding gain or loss) equal $42,000 in 2021. 1. Prepare a statement of comprehensive income for 2020, starting with net income. 2. Prepare a statement of comprehensive income for 2021, starting with net income.
At December 31, 2020, the available-for-sale debt portfolio for Shamrock, Inc. is as follows. Security Cost Fair Value UnrealizedGain (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, INCBalance Sheet $ : $…
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At December 31, 2020, the available-for-sale debt portfolio for Crane, Inc. is as follows. Security A B C Total Previous fair value adjustment balance-Dr. Fair value adjustment- Dr. Cost $17,500 12,200 500 Fair Value $1,300 $15,000 23,400 25,700 $53,100 $54,900 14,200 Unrealized Gain (Loss) $(2,500 2,000 2,300 1,800 ) On January 20, 2021, Crane, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. Crane, Inc. reports net income in 2020 of $118,000 and in 2021 of $143,000. Total holding gains (including any realized holding gain or loss) equal $49,000 in 2021. Prepare a statement of comprehensive income for 2020, starting with net income. Prepare a statement of comprehensive income for 2021, starting with net income. Please show underlying calculations (especially for reclassification adjustment for 2021). I correctly identified the statement of income for 2020, but am stuck on the one for 2021. Thank you!
At December 31, 2020, the available-for-sale debt portfolio for Kingbird, Inc. is as follows. Security Cost Fair Value UnrealizedGain (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, Kingbird, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees. 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.) KINGBIRD, INCBalance Sheet December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field…
At December 31, 2020, the available-for-sale debt portfolio for Kingbird, Inc. is as follows. Security Cost Fair Value UnrealizedGain (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, Kingbird, Inc. sold security A for $27,935. 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 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 Kingbird, Inc. is as follows. Security Cost Fair Value UnrealizedGain (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, Kingbird, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees. 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

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Security	Cost	Fair Value	Unrealized Gain (Loss)
A	$27,125	$23,250	$(3,875	)
B	19,375	21,700	2,325
C	35,650	39,525	3,875
Total	$82,150	$84,475	2,325
Previous fair value adjustment balance—Dr.	620
Fair value adjustment—Dr.	$1,705