E17-6 (Entries for Available-for-Sale and Trading Securities) The following information is available for Barkley Company at December 31, 2014, regarding its investments. Securities 3,000 shares of Myers Corporation Common Stock 1,000 shares of Cole Incorpocited Preferred Stock GD Cost $40,000 25,000 $65,000 Fair Value $48,000 22,000 $70,000 Instructions (a) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as trading. (b) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as available- for-sale.

E17-6 (Entries for Available-for-Sale and Trading Securities) The following information is available for Barkley Company at December 31, 2014, regarding its investments. Securities 3,000 shares of Myers Corporation Common Stock 1,000 shares of Cole Incorpocited Preferred Stock GD Cost $40,000 25,000 $65,000 Fair Value $48,000 22,000 $70,000 Instructions (a) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as trading. (b) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as available- for-sale.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 18E: Trading Securities Pear Investments began operations in 2020 and invests in securities classified as...

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