EX 13-22 Fair val of operations: Name Number of Shares Cost Dust Devil, Inc. 1,900 $ 81,700 Gale Co. 850 Whirlwind Co. Total 68,000 114,000 2,850 (azol) oni ra $263,700 The market price per share for the available-for-sale security portfolio on December 31, 2016, was as follows: Market Price per Share, Dec. 31, 2016 Dust Devil, Inc. Gale Co. Whirlwind Co. $40 75 42 Provide the journal entry to adjust the available-for-sale security portfolio to fair value o1-eidslievs on December 31, 2016. Describe the income statement impact from the December 31, 2016, journal entry.

EX 13-22 Fair val of operations: Name Number of Shares Cost Dust Devil, Inc. 1,900 $ 81,700 Gale Co. 850 Whirlwind Co. Total 68,000 114,000 2,850 (azol) oni ra $263,700 The market price per share for the available-for-sale security portfolio on December 31, 2016, was as follows: Market Price per Share, Dec. 31, 2016 Dust Devil, Inc. Gale Co. Whirlwind Co. $40 75 42 Provide the journal entry to adjust the available-for-sale security portfolio to fair value o1-eidslievs on December 31, 2016. Describe the income statement impact from the December 31, 2016, journal entry.

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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