On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Portfolio of Stock Investments Apple stock Chipotle stock Under Armour stock. 1. After the fair value adjustment is made, prepare the assets section of Mars Co's December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. 2. In which income statement section is the unrealized gain (or loss) on the portfolio of stock investments reported? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Cost $ 6,900 5,200 12,300 MARS CO. Assets Section of Balance Sheet December 31 Assets Fair Value $ 9,200 2,700 14,400 After the fair value adjustment is made, prepare the assets section of Mars Co.'s December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. Long-term liabilities. Debt investments-Available-for-sale (at cost) Fair value adjustment-Available-for-sale Stock investments (fair value)

On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Portfolio of Stock Investments Apple stock Chipotle stock Under Armour stock. 1. After the fair value adjustment is made, prepare the assets section of Mars Co's December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. 2. In which income statement section is the unrealized gain (or loss) on the portfolio of stock investments reported? Required 1 Required 2 Complete this question by entering your answers in the tabs below. Cost $ 6,900 5,200 12,300 MARS CO. Assets Section of Balance Sheet December 31 Assets Fair Value $ 9,200 2,700 14,400 After the fair value adjustment is made, prepare the assets section of Mars Co.'s December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. Long-term liabilities. Debt investments-Available-for-sale (at cost) Fair value adjustment-Available-for-sale Stock investments (fair value)

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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