Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Fair Value $494,000 152,000 647,730 Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $530,800 159,470 661,900 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,810. July 6 Purchased bonds of Company X for $124,000. Nov. 13 Purchased notes of Company Z for $267,100. Dec. 9 Sold all of the bonds of Company A for $517,200. The fair values at December 31 are B, $85,000; C, $604,500; X, $119,000; and Z, $279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities.

Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Fair Value $494,000 152,000 647,730 Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $530,800 159,470 661,900 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,810. July 6 Purchased bonds of Company X for $124,000. Nov. 13 Purchased notes of Company Z for $267,100. Dec. 9 Sold all of the bonds of Company A for $517,200. The fair values at December 31 are B, $85,000; C, $604,500; X, $119,000; and Z, $279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities.

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 1MC

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Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?
Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 1 and 2 Required:1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.2. Determine the amount Stoll reports on its December 31…
Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Fair Value $ 495,000 Company B notes Cost $530,500 159,080 663,000 Company C bonds 147,000 648,390 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Sold one-half of the Company B notes for $78,170. Purchased Company X bonds for $127,000. January 29 July 6 November 13 Purchased Company Z notes for $267,500. December 9 Sold all of the Company A bonds for $517,400. Fair values at December 31 are B, $80,600; C, $600,800; X, $120,000; and Z, $279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports…
Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Fair Value $ 495,000 Company B notes Cost $530,500 159,080 663,000 Company C bonds 147,000 648,390 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Sold one-half of the Company B notes for $78,170. Purchased Company X bonds for $127,000. January 29 July 6 November 13 Purchased Company Z notes for $267,500. December 9 Sold all of the Company A bonds for $517,400. Fair values at December 31 are B, $80,600; C, $600,800; X, $120,000; and Z, $279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports…
Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Fair Value Company A bonds $ 495,000 Cost $530,700 159, 250 661,000 Company B notes Company C bonds 151,000 647,710 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,000. July 6 Purchased Company X bonds for $123,600. November 13 Purchased Company Z notes for $267,900. December 9 Sold all of the Company A bonds for $518,300. Fair values at December 31 are B, $84,300; C, $604,800, X, $100,000; and Z, $288,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports…
Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Fair Value $ 490,000 154,000 713,630 Available-for-Sale Securities Cost Company A bonds Company B notes Company C bonds $ 535,300 159,380 662,750 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $79,200. July 6 Purchased Company X bonds for $126,600. November 13 Purchased Company Z notes for $267,900. December 9 Sold all of the Company A bonds for $515,000. Fair values at December 31 are B, $81,000; C, $665,000; X, $118,000; and Z, $278,000.
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal entries to record each year-end fair value adjustment for these securities.
Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,900 $ 492,000 Company B notes 159,290 145,000 Company C bonds 662,500 641,740 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,130. July 6 Purchased bonds of Company X for $125,100. Nov. 13 Purchased notes of Company Z for $268,000. Dec. 9 Sold all of the bonds of Company A for $515,300. The fair values at December 31 are B, $80,300; C, $606,800; X, $101,000; and Z, $271,000. Required:1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.2. Determine the amount Stoll reports on its December 31 balance…
At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are considered to be a long-term investment. Security (a) A B C Total Cost $16,985 12,930 21,760 $51,675 Fair Value $16.030 15,179 18,160 $49,369 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles are automatically indented when the 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, 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, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.
es Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Fair Value $ 490,000 152,000 640, 190 Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $ 533,600 159, 230 662,000 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,640. July 6 Purchased Company X bonds for $126,900. November 13 Purchased Company Z notes for $267,900. December 9 Sold all of the Company A bonds for $521,600. Fair values at December 31 are B, $83,900; C, $605,200; X, $107,000; and Z, $275,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll…