Hi experts please answer the financial accounting question On December 31, 2023, the trading securities for Everest FinancialsInc. are as follows:SecurityCostFair ValueLMP$90,000$94,000TRX$150,000 $148,500Total$240,000 $242,500Prepare the adjusting entry on December 31, 2023, to report thesecurities at fair value.

Step 1: Define Adjusting Entry for Fair Value AdjustmentAn adjusting entry for trading securities…

Answered: On December 31, 2023, the trading…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 9E

See similar textbooks

Similar questions

At December 31, 2027, available-for-sale debt securities for Sunland, Inc. are as follows. The securities are considered to be a long- term investment. Security Cost Fair Value A $17,200 $16,500 B 12,000 13,700 C 23,500 19,000 $52,700 $49,200 (a) Prepare the adjusting entry at December 31, 2027, to report 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
At December 31, 2022, the trading debt securities for Sheridan, Inc. are as follows. Security A (a) B C Cost $17,800 12,000 Dec. 31 22,900 $52,700 Fair Value $16,300 13,600 19,400 $49,300 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit er Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No- for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
At December 31, 2027, the trading debt securities for Wildhorse, Inc. are as follows. Security Cost Fair Value A $17,900 $15,900 B 12,300 13,900 C 22,600 18,500 $52,800 $48,300 (a) Prepare the adjusting entry at December 31, 2027, to report 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 Dec. 31 Debit Credit
At December 31, 2021, Blossom Company has an equity portfolio valued at $121000. Its cost was $106000. If the Securities Fair Value Adjustment has a debit balance of $6700, which of the following journal entries is required at December 31, 2021?
At December 31, 2020, the available-for-sale debt securities for Larkspur, Inc. are as follows. Security Cost Fair Value X $28,600 $24,960 Y 13,000 13,520 23,920 18,720 $65,520 $57,200 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 N
At December 31, 2020, the trading securities for Crane, Inc. are as follows. Security Cost Fair Value A $17,500 $16,100 B 12,600 13,900 C 23,100 19,100 $53,200 $49,100 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (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
At December 31, 2020, the trading securities for Tamarisk Company are as follows: Security Cost Fair Value A $18,880 $23,600 B 40,120 37,760 $59,000 $61,360 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entriy.) Account Titles and Explanation Debit Credit
EH.6 (LO 3), AP At December 31, 2022, the trading debt securities for Gwynn, Inc. are as follows. Security A B C Total Cost $18,100 12,500 23,000 $53,600 Fair Value $16,000 14,800 18,000 $48,800 Instructions a. Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. b. Show the balance sheet and income statement presentation at December 31, 2022, after adjustment to fair value.
Pompey Inc. carries the following marketable equity securities on its books at December 31, 2019 and 2020. All securities were purchased during 2019. Trading Securities: Cost Fair Value 12/31/19 12/31/20 P Company R Company T Company Total 500,000 260,000 700,000 1,460,000 260,000 400,000 600,000 1,260,000 400,000| 400,000 500,000 1,300,000 Financial asset @ FVOCI: Cost Fair Value 12/31/19 12/31/20 3,600,000 C Company | Company Total 4,100,000 1,000,000 5,100,000 1,200,000 4,800,000 3,600,000 1,400,000 5,000,000 The net unrealized gain/loss at December 31, 2020 in accumulated other comprehensive income in shareholders' equity is O P100.000 loss OP 40.000 gain P260,000 loss O P200,000 gain
Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
The following information is available for Tamarisk Corporation's available-for-sale debt securities at December 31, 2020. Security Cost Fair Value X $40,120 $35,400 Y 28,320 37,760 $68,440 $73,160 Prepare the adjusting entry to record the securities at fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

On December 31, 2023, the trading securities for Everest Financials Inc. are as follows: Security Cost Fair Value LMP $90,000 $94,000 TRX $150,000 $148,500 Total $240,000 $242,500 Prepare the adjusting entry on December 31, 2023, to report the securities at fair value.