M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations:Issuing CompanyCostArden Enterprises Inc.$81,120French Broad Industries Inc.18,850Pisgah Construction Inc.10,400Total$110,370The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows:Fair ValueIssuing CompanyDec. 31, 20Y5Arden Enterprises Inc.$103,350French Broad Industries Inc.20,150Pisgah Construction Inc.9,600$133,100a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entryrequired" and leave the amount box blank. If an amount box does not require an entry, leave it blank.Valuation Allowance for Available-for-Sale Investments20Y5 Dec. 31Unrealized Gain on Available-for-Sale InvestmentsFeedback b. If the fair value of the portfolio of securities were the same on December 31, 20Y6, what would be the journal entry to adjust the portfolioto fair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry,leave it blank.20Y6 Dec. 31No entry requiredNo entry required vFeedbackc. If the fair value of the portfolio of securities was $135,700 on December 31, 20Y6, what would be the journal entry to adjust the portfolio tofair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry,leave it blank.Valuation Allowance for Available-for-Sale Investments20Y6 Dec. 31Unrealized Gain on Available-for-Sale InvestmentsFeedbackd. If the fair value of the portfolio of securities was $130,900 on December 31, 20Y6, what would be the journal entry to adjust the portfolio tofair value? If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry,leave it blank.Unrealized Loss on Available-for-Sale Investments20Y6 Dec. 31Valuation Allowance for Available-for-Sale Investments

DATE PARTICULARS L.F. DEBIT CREDIT a Valuation allowances for available for sale securities…

M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $81,120 French Broad Industries Inc. 18,850 Pisgah Construction Inc. 10,400 Total $110,370 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 20Y5 Arden Enterprises Inc. $103,350

M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $81,120 French Broad Industries Inc. 18,850 Pisgah Construction Inc. 10,400 Total $110,370 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 20Y5 Arden Enterprises Inc. $103,350

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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