Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks.Security Quantity Cost Fair ValueLindsay Jones, Inc. 1,000 shares $15,100 $21,100Poley Corp. 2,000 shares 39,900 41,800Arnold Aircraft 2,000 shares 72,500 60,300 Totals $127,500 $123,200 What should be reported on Bridgeport's December 31, 2021, balance sheet? What should be reported on Bridgeport's 2021income statement? (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Bridgeport Corp.Balance Sheet (Partial)Bridgeport Corp.Income Statement (Partial)%24%24 On December 31, 2021, Bridgeport's securities portfolio consisted of the following common stocks.SecurityQuantityCostFair ValueLindsay Jones, Inc.1,000 shares$15,100$19,800Lindsay Jones, Inc.2,000 shares32,90039,900Duff Company1,000 shares16,10012,000Arnold Aircraft2,000 shares72,50022,000Totals$136,600$93,700During the year 2021, Bridgeport Corp. sold 2,000 shares of Poley Corp. for $38,100 and purchased 2,000 more shares ofLindsay Jones, Inc. and 1,000 shares of Duff Company.What should be reported on Bridgeport's December 31, 2021, balance sheet? What should be reported on Bridgeport's 2021income statement? (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Difference between book value and fair value should be transferred in income statement and any…

Answered: Bridgeport Corp. invested its excess…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks.

Security	Quantity		Cost	Fair Value
Lindsay Jones, Inc.	1,000 shares		$15,100	$21,100
Poley Corp.	2,000 shares		39,900	41,800
Arnold Aircraft	2,000 shares		72,500	60,300
		Totals	$127,500	$123,200

What should be reported on Bridgeport's December 31, 2021, balance sheet? What should be reported on Bridgeport's 2021
income statement? (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Bridgeport Corp.
Balance Sheet (Partial)
Bridgeport Corp.
Income Statement (Partial)
%24
%24

On December 31, 2021, Bridgeport's securities portfolio consisted of the following common stocks.
Security
Quantity
Cost
Fair Value
Lindsay Jones, Inc.
1,000 shares
$15,100
$19,800
Lindsay Jones, Inc.
2,000 shares
32,900
39,900
Duff Company
1,000 shares
16,100
12,000
Arnold Aircraft
2,000 shares
72,500
22,000
Totals
$136,600
$93,700
During the year 2021, Bridgeport Corp. sold 2,000 shares of Poley Corp. for $38,100 and purchased 2,000 more shares of
Lindsay Jones, Inc. and 1,000 shares of Duff Company.
What should be reported on Bridgeport's December 31, 2021, balance sheet? What should be reported on Bridgeport's 2021
income statement? (If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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