Current Attempt in Progress Some of Sheridan 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 $95,500 $84,000 $(11,500) Available-for-sale securities $60,000 $63,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,600, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,800. 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.)

Current Attempt in Progress Some of Sheridan 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 $95,500 $84,000 $(11,500) Available-for-sale securities $60,000 $63,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,600, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,800. 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.)

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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