At December 31, 2020, the available-for-sale equity portfolio for Zorro Foods Corp. is as follows. Security Apple Banana Crisp Total Cost $33,600 175,000 59,400 $268,000 Fair Value $31,000 174,000 68.500 $273,500 December 31, 2019, securities fair value adjustment balance-Dr. 5,400 On January 20, 2021. Zorro sold Apple for $31.100. The sale proceeds are net of brokerage fees. Zorro Foods Corp. reports net income in 2020 of $689.600 and in 2021 of $235,000, Total holding gains (including any realized holding gain or loss) equal $26,600 in 2021.

At December 31, 2020, the available-for-sale equity portfolio for Zorro Foods Corp. is as follows. Security Apple Banana Crisp Total Cost $33,600 175,000 59,400 $268,000 Fair Value $31,000 174,000 68.500 $273,500 December 31, 2019, securities fair value adjustment balance-Dr. 5,400 On January 20, 2021. Zorro sold Apple for $31.100. The sale proceeds are net of brokerage fees. Zorro Foods Corp. reports net income in 2020 of $689.600 and in 2021 of $235,000, Total holding gains (including any realized holding gain or loss) equal $26,600 in 2021.

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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