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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

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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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
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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