On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds. Cost $ 76,000 57,000 72,000 a) After the fair value adjustment is made, prepare the assets section of Reggit Company's December 31 classified balance sheet. b) is the unrealized gain (or loss) on the portfolio of available-for-sale securities reported on the income statement? Required A Required B Complete this question by entering your answers in the tabs below. Fair Value $74,480 50,730 69,120 After the fair value adjustment is made, prepare the assets section of Reggit Company's December 31 classified balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. REGGIT COMPANY Assets Section of Balance Sheet December 31 Assets Current assets Debt investments-Available-for-sale (at cost) Fair value adjustment-Available-for-sale Debt investments Available-for-sale (fair value)

On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds. Cost $ 76,000 57,000 72,000 a) After the fair value adjustment is made, prepare the assets section of Reggit Company's December 31 classified balance sheet. b) is the unrealized gain (or loss) on the portfolio of available-for-sale securities reported on the income statement? Required A Required B Complete this question by entering your answers in the tabs below. Fair Value $74,480 50,730 69,120 After the fair value adjustment is made, prepare the assets section of Reggit Company's December 31 classified balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. REGGIT COMPANY Assets Section of Balance Sheet December 31 Assets Current assets Debt investments-Available-for-sale (at cost) Fair value adjustment-Available-for-sale Debt investments Available-for-sale (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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