Plotner Corporation has the following trading portfolio of stock investments as of December 31, 2019, Security Cost Fair Value $19,000 $15,000 B. 22,000 27,000 34.000 29,000 $25.000 $7.1.000 On january 22, 2020, Plotner Corporation sold security C for $32,000. Instructions fa) Prepare the adjusting entry for Plotner Corporation on December 31, 2019, to report the portfolio at fair value (bi Indicate the balance sheet and income statement presentation of the fair value data for Plotner Corporation at December 31, 2019 i Prepare the jourmal entry for the 2020 sale

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Plotner Corporation has the following trading portfolio of stock investments as of
December 31, 2019,
Security
Cost
Fair Value
$19,000
$15,000
B.
22,000
27,000
34.000
29.000
$25.000
$7.1.000
On January 22, 2020, Plotner Corporation sold security C for $32,000.
Instructions
(a) Prepare the adjusting entry for Plotner Corporation on December 31, 2019, to
report the portfolio at fair value
(bi Indicate the balance sheet and income statement presentation of the fair value
data for Plotner Corporation at December 31, 2019
il Prepare the jpumal entry for the 2020 sale
Transcribed Image Text:Plotner Corporation has the following trading portfolio of stock investments as of December 31, 2019, Security Cost Fair Value $19,000 $15,000 B. 22,000 27,000 34.000 29.000 $25.000 $7.1.000 On January 22, 2020, Plotner Corporation sold security C for $32,000. Instructions (a) Prepare the adjusting entry for Plotner Corporation on December 31, 2019, to report the portfolio at fair value (bi Indicate the balance sheet and income statement presentation of the fair value data for Plotner Corporation at December 31, 2019 il Prepare the jpumal entry for the 2020 sale
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