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, 2OY5Arden 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.20Y5 Dec. 31b. 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 portfolio 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.8820Y6 Dec. 31c. 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.20Y6 Dec. 31d. 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.8820Y6 Dec. 31

Available-for-sale securities is initially recorded at cost. But at every year end, it needs to be…

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 French Broad Industries Inc. 20,150 Pisgah Construction Inc. 9,600 $133,100 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. 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. 20Y5 Dec. 31 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 portfolio

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 French Broad Industries Inc. 20,150 Pisgah Construction Inc. 9,600 $133,100 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. 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. 20Y5 Dec. 31 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 portfolio

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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