In its first year of operations, Sandhill Corporation purchased available-for-sale debt securıties costing $70,0 investment. At December 31, 2022, the fair value of the securities is $65,000. Prepare the adjusting entry to record the securities at fair value. (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.) Date Account Titles and Explanation Debit Credit Dec. 31
In its first year of operations, Sandhill Corporation purchased available-for-sale debt securıties costing $70,0 investment. At December 31, 2022, the fair value of the securities is $65,000. Prepare the adjusting entry to record the securities at fair value. (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.) Date Account Titles and Explanation Debit Credit Dec. 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In its first year of operations, Sandhill Corporation purchased available-for-sale debt securities costing $70,000 as a long-term investment. At December 31, 2022, the fair value of the securities is $65,000.
Prepare the adjusting entry to record the securities at fair value. *(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 0 for the amounts.)*
| Date | Account Titles and Explanation | Debit | Credit |
|-----------|--------------------------------|-------|--------|
| Dec. 31 | | | |
| | | | |
![In its first year of operations, Wildhorse Corporation purchased available-for-sale debt securities costing $65,000 as a long-term investment. At December 31, 2022, the fair value of the securities is $60,500.
Show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. *(Enter negative amounts using either a negative sign preceding the number e.g., -45 or parentheses e.g., (45).)*
**WILDHORSE CORPORATION Balance Sheet**
- [Dropdown] ___ $ [Textbox] ___
- [Dropdown] ___ $ [Textbox] ___
**WILDHORSE CORPORATION Comprehensive Income Statement**
- [Dropdown] ___ $ [Textbox] ___
- [Dropdown] ___ $ [Textbox] ___
This interactive task involves choosing the correct account descriptions from the dropdowns and entering the appropriate monetary values, ensuring that any losses are expressed as negative amounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb4c002f-184e-4d4b-8f58-b85aac470a18%2Fc55cb137-a440-43d4-8960-bdd1a0a2c6ce%2F94td7qp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In its first year of operations, Wildhorse Corporation purchased available-for-sale debt securities costing $65,000 as a long-term investment. At December 31, 2022, the fair value of the securities is $60,500.
Show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. *(Enter negative amounts using either a negative sign preceding the number e.g., -45 or parentheses e.g., (45).)*
**WILDHORSE CORPORATION Balance Sheet**
- [Dropdown] ___ $ [Textbox] ___
- [Dropdown] ___ $ [Textbox] ___
**WILDHORSE CORPORATION Comprehensive Income Statement**
- [Dropdown] ___ $ [Textbox] ___
- [Dropdown] ___ $ [Textbox] ___
This interactive task involves choosing the correct account descriptions from the dropdowns and entering the appropriate monetary values, ensuring that any losses are expressed as negative amounts.
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