At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Amortized cost $ 910,000 115,000 $ 1,025,000 $ 710,000 910,000 $ 1,620,000 Fair Value $ 921,000 109,800 $ 1,030,800 $ 789,000 925,400 $ 1,714,400
At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Amortized cost $ 910,000 115,000 $ 1,025,000 $ 710,000 910,000 $ 1,620,000 Fair Value $ 921,000 109,800 $ 1,030,800 $ 789,000 925,400 $ 1,714,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At December 31, 2024, Hull-Meyers Corporation had the following investments that were purchased during 2024, its first year of
operations:
Trading Securities:
Security A
Security B
Totals.
Securities Available-for-Sale:
Security C
Security D
Totals
Securities to Be Held-to-Maturity:
Security E
Security F
Totals
Trading Securities
Security A
Security B
Securities Available-for-Sale
Security C
Security D
Required:
Complete the following table.
Note: Amounts to be deducted should be indicated with a minus sign.
Securities to be Held-to-Maturity
Security E
Security F
Totals
Amortized cost
$ 910,000
115,000
$ 1,025,000
No investments were sold during 2024. All securities except Security D and Security F are considered short-term investments. None of
the fair value changes is considered permanent.
Reported on Balance Sheet as:
Current assets Noncurrent assets
$
$ 710,000
910,000
$ 1,620,000
0 $
$ 500,000
625,000
$ 1,125,000
Fair Value
Net Income
0 $
$921,000
109,800
$ 1,030,800.
$ 789,000
925,400
$ 1,714,400
$ 510,300
619,800
$ 1,130,100
Unrealized gain (loss) included in:
Other
Total
Comprehensive Comprehensive
Income (OCI) Income
0 $
$
$
$
$
$
$
0 $
0
0
0
0
0
0
ol
0
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