On October 15, 2021 Mooney Corporation is finalizing the company's September 30, 2021 quarterly financial statements. They have a portfolio of financial assets that are publicly traded. The portfolio had the following values according to closing prices in the stock market on these dates: March 31, 2021 $540,000 June 30, 2021 $541,000 September 30, 2021 $531,000 October 15, 2021 $538,000 In preparing the September 30, 2021 financial statements the CFO believes that the September 30 portfolio valuation was lower due the the market reduction due to the increase in U.S. treasury yields. He believes that this is not representative of the portfolio's true value as indicated by the market increase during the first 2 weeks of October, 2021. The CFO believes that the portfolio should be recorded on the balance sheet for a minimum of $538,000. What amount should be included in the financial statements for the fair value of the portfolio as of September 30, 2021?
On October 15, 2021 Mooney Corporation is finalizing the company's September 30, 2021 quarterly financial statements. They have a portfolio of financial assets that are publicly traded. The portfolio had the following values according to closing prices in the stock market on these dates:
March 31, 2021 $540,000
June 30, 2021 $541,000
September 30, 2021 $531,000
October 15, 2021 $538,000
In preparing the September 30, 2021 financial statements the CFO believes that the September 30 portfolio valuation was lower due the the market reduction due to the increase in U.S. treasury yields. He believes that this is not representative of the portfolio's true value as indicated by the market increase during the first 2 weeks of October, 2021. The CFO believes that the portfolio should be recorded on the
What amount should be included in the financial statements for the fair value of the portfolio as of September 30, 2021?
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