Current Attempt in Progress Some of Cullumber Corporation's investments in debt securities are classified as trading securities and some are classified as available- for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $83,500 $(13,000) Available-for-sale securities $59,000 $63,000 $4,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,900, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,400. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Trading securities: Debit Credit 1. 2. Available-for-sale securities: Save for Later Attempts: 0 of 1 used Submit Answer
Current Attempt in Progress Some of Cullumber Corporation's investments in debt securities are classified as trading securities and some are classified as available- for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $83,500 $(13,000) Available-for-sale securities $59,000 $63,000 $4,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,900, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,400. Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Trading securities: Debit Credit 1. 2. Available-for-sale securities: Save for Later Attempts: 0 of 1 used Submit Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Gadubhai
Transcribed Image Text:Current Attempt in Progress
Some of Cullumber Corporation's investments in debt securities are classified as trading securities and some are classified as available-
for-sale. The cost and fair value of each category at December 31, 2022, were as follows.
Cost
Fair Value
Unrealized Gain (Loss)
Trading securities
$96,500
$83,500
$(13,000)
Available-for-sale securities
$59,000 $63,000
$4,000
At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,900, and the Fair Value Adjustment-
Available-for-Sale account had a credit balance of $7,400.
Prepare the required journal entries for each group of securities for December 31, 2022. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the
account titles and enter O for the amounts.)
No. Account Titles and Explanation
Trading securities:
Debit
Credit
1.
2.
Available-for-sale securities:
Save for Later
Attempts: 0 of 1 used Submit Answer
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