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Classification | Cost or Amortized Cost |
Fair Value at end if 2017 |
Interest Income in 2017 |
Sales Price in 2018 |
---|---|---|---|---|
Trading | $15,000 | $14,000 | $750 | $14,500 |
Available-for-Sale | $18,000 | $15,000 | $1,000 | $16,000 |
Held-to-Maturity | $24,000 | $25,500 | $950 |
For the Houston Company, what is the unrealized gain or loss that will appear in the Accumulated Other Comprehensive Account in 2017?
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- On January 1, 2025, Artic Inc. had the following balance sheet: Cash Total Debt investments (available-for-sale) 363,000 $434,000 Assets Interest revenue ARTIC INC. BALANCE SHEET AS OF JANUARY 1, 2025 ARTIC INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2025 $11,000 Gain on sale of investments Net income $71,000 Common stock (a) The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Artic Inc.'s available-for-sale debt securities at December 31, 2025, was $310,000; its cost was $277,000. No debt securities were purchased during the year. Artic Inc.'s income statement for 2025 was as follows: (Ignore income taxes.) 28,000 $39,000 (Assume all transactions during the year were for cash.) Accumulated other comprehensive income Total Equity $389,000 Debit 45,000 $434,000 Prepare the journal entry to record the sale of the available-for-sale debt securities in 2025. (Credit account titles are…At December 31, 2017, the available-for-sale debt portfolio for Steffi Graf, Inc. is as follows. Security Cost Fair Value Unrealized Gain (Loss) A $17,500 $15,000 $(2,500) B 12,500 14,000 1,500 C 23,000 25,500 2,500 Total $53,000 $54,500 1,500 Previous fair value adjustment balance-Dr 400 Fair value adjustment-Dr $1,100 On January 20, 2018, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees. A. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value. B. Show the balance sheet presentation of the investment-related accounts at December 31, 2017.23. Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,180 Receivables 1,710 1,320 Inventory 1,590 1,920 Plant assets 1,890 1,710 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,320 1,440 $7,120 $6,380 Accounts payable $1,190 $890 Accrued liabilities 210 260 Bonds payable 1,400 1,580 Common stock 1,940 1,660 Retained earnings 2,380 1,990 $7,120 $6,380 NOVAK COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,720 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Income from operations…
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