Fair value adjustment for available-for-sale investmentsWheeler Inc. owned the following available-for-sale investments as of December 31, 20Y4:Issuing CompanyBernard Co.Chadwick Co.TotalsIssuing CompanyBernard Co.Chadwick Co.Cost$38,25065,520$103,770Fair ValueDuring 20Y5, Wheeler Inc. did not purchase or sell any available-for-sale securities. The fair value of the BernardCo. and Chadwick Co. securities as of December 31, 20Y5, were as follows:20Y5 Dec. 31$37,50063,770$101,270Fair Value$40,00066,000$106,000a. What was the balance of Valuation Allowance for Available-for-Sale Investments as of January 1, 20Y5?b. Journalize the adjustment to fair value for the available-for-sale investments as of December 31, 20Y5. If anamount box does not require an entry, leave it blank.c. After the adjustment in (b), what is the balance of Valuation Allowance for Available-for-Sale Investments?

Answer : a) Balance of valuation allowance for available for sale investment as of January 1,20Y5…

Answered: Cost $38,250 65,520 $103,770 Fair $

Business

Accounting

Cost $38,250 65,520 $103,770 Fair $

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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