Ee 299. Microsoft's 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17--Accumulated Other Comprehensive income (Loss)Year Ended June 30,Balance, beginning of periodUnalind gains (losses), net of tax of $1,057, 5616, and $(427)Reclamification datments for (gaim) lours included in other income (expense), etTax expense (benefit) included in provision for income taxesCumulative effect of accounting changeBalance, end of period2020$1,4021,987(1)A2019$(850)2,33193(19)(87)STARE2018Answer the following questions by referring to the disclosure note abovePrepare a journal entry to record unvealed gains for 2020, 0irt $3.987 is net of tax effects, so you will need to add back tax effects to show the amount of pretax uneared gain)Prepare a journal entry to record Microsoft's reclassification austment for 2020 (preter)$1,825(1,146)(2309)73842SCR50) Microsoft' s 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17-Accumulated OtherComprehensive Income (Loss):Balance, beginning of periodUnrealized gains (losses), net of tax of $1,057, $616, and $(427)Reclassification adjustments for (gains) losses included in other income(expense), netYear Ended June 30,Tax expense (benefit) included in provision for income taxesCumulative effect of accounting changesBalance, end of periodAnswer the following questions by referring to the disclosure note above:..2020$1,4883,98742019(1)0$(850)2,331 (1,146)(2,309)93(19)(67)$5,478 $1,4882018$1,82573842$(850)Prepare a journal entry to record unrealized gains for 2020. (Hint: $3,987 is net of tax effects, so you will need to add back taxeffects to show the amount of pretax unrealized gain.)Prepare a journal entry to record Microsoft' s reclassification adjustment for 2020 (pretax).

The recording of securities available for sale will be done each year at their fair value and any…

Microsoft' s 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17-Accumulated Other Comprehensive Income (Loss): Year Ended June 30, Balance, beginning of period Unrealized gains (losses), net of tax of $1,057, $616, and $(427) Reclassification adjustments for (gains) losses included in other income (expense), net Tax expense (benefit) included in provision for income taxes Cumulative effect of accounting changes Balance, end of period Answer the following questions by referring to the disclosure note above: 2020 $1,488 3,987 4 (1) 0 $5,478 2019 2018 $(850) $1,825 2,331 (1,146) 93 (2,309) (19) (67) $1,488 738 42 $(850) • Prepare a journal entry to record unrealized gains for 2020. (Hint: $3,987 is net of tax effects, so you will need to add back tax effects to show the amount of pretax unrealized gain.) • Prepare a journal entry to record Microsoft's reclassification adjustment for 2020 (pretax).

Microsoft' s 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17-Accumulated Other Comprehensive Income (Loss): Year Ended June 30, Balance, beginning of period Unrealized gains (losses), net of tax of $1,057, $616, and $(427) Reclassification adjustments for (gains) losses included in other income (expense), net Tax expense (benefit) included in provision for income taxes Cumulative effect of accounting changes Balance, end of period Answer the following questions by referring to the disclosure note above: 2020 $1,488 3,987 4 (1) 0 $5,478 2019 2018 $(850) $1,825 2,331 (1,146) 93 (2,309) (19) (67) $1,488 738 42 $(850) • Prepare a journal entry to record unrealized gains for 2020. (Hint: $3,987 is net of tax effects, so you will need to add back tax effects to show the amount of pretax unrealized gain.) • Prepare a journal entry to record Microsoft's reclassification adjustment for 2020 (pretax).

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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