The cost of the trading securities of Cepeda Company at December 31, 2011, is $62,000. At December 31, 2011, the fair value of the securities is $59,000. Prepare the adjusting entry to record the securities at fair value.
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- On January 1, 2021, an entity purchased marketable equity securities for P5,000,000. The equity securities qualify as a financial asset held for trading. The entity also paid P50,000 as commission to the broker. At year-end, the trading securities have a fair value of P6,000,000. The increase in fair value should be recorded with: a.A credit to Financial asset - FVPL, P1,000,000 b.A debit to Unrealized gain - OCI, P1,000,000 c.A debit to Financial asset - FVPL, P1,000,000 d.A debit to Unrealized gain - P/L, P1,000,000At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Trading Securities: Security A Security B Totals Securities Available-for-Sale: Security C Security D Totals Securities to Be Held-to-Maturity: Security E Security F Totals Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F Totals Amortized cost Reported on Balance Sheet as: Current assets $ 905,000 110,000 $1,015,000 Noncurrent assets $ 705,000 905,000 $1,610,000 $ 495,000 620,000 $1,115,000 No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. (Amounts to be deducted should be indicated with a minus sign.) Fair Value $915,500 104,900 $1,020,400 $ 784,500 920, 200 $1,704,700 Net Income (I/S) $…On February 15, Jewel Company buys bonds of Marcelo Corp. for $201,700. The investment is classified as available-for-sale securities. This is the company’s first and only investment in available-for-sale securities. On December 31, the bonds had a fair value of $203,700. The entry to record the year-end adjustment is:
- Brooks Co. purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $72,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. Prepare the December 31 year-end fair value adjusting entry for the trading securities’ portfolio. 3. Prepare the January 3 entry when Brooks sells a portion of its trading securities (costing $3,000) for $4,000 cash.During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $70,000 cost. At its December 31 year-end, these securities had a fair value of $58,000. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities.During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $70,000 cost. At its December 31 year-end, these securities had a fair value of $58,000. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet 1 2 Record purchase of available-for-sale securities. Note: Enter debits before credits. Date July 01 General Journal Debit Credit
- 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 epare the December 31 adjusting entry to report these investments at fair value. Fair Value Adjustment Computation of fair value adjustment. Complete this question by entering your answers in the tabs below. General Journal Cost $ 76,000 57,000 72,000 Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Total Fair Value Adjustment Computation - Available for Sale Portfolio Unrealized Amount Cost $ Fair Value $ 74,480 50,730 69,120 Fair Value 76,000 $ 74,480 57,000 50,730 72,000 69,120 $ 205,000 $ 194,330 COOn December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short- term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. General Journal Fair Value Adjustment Computation of fair value adjustment. Available-for-Sale Securities Nintendo Company notes Atlantic bonds Kellogg Company notes McDonald's Corporation bonds Totals Computation of Fair Value Adjustment $ Cost Fair Value 50,100 $ 54,609 18,637 33,908 20,040 36,072 67,635 64,253 $ 173,847 $ 171,407 Fair Value Adjustment Unrealized Amount General Journal Gain or Loss? >During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $76,000 cost. At its December 31 year-end, these securities had a fair value of $63,400. This is the first and only time the company purchased such securities. 1. Prepare the July 1 entry to record the purchase of these debt securities. 2. Prepare the year-end adjusting entry related to these securities. View transaction list Journal entry worksheet 1 2 Record purchase of available-for-sale securities. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journal
- On December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. Fair Value AdjustmentGeneral Journal Computation of fair value adjustment. Computation of Fair Value Adjustment Available-for-Sale Securities Cost Fair Value Unrealized Amount Gain or Loss? Nintendo Company notes $74,400 $81,096 Atlantic bonds 29,760 27,677 Kellogg Company notes 53,568 50,354 McDonald's Corporation bonds 100,440 95,418 Totals $258,168 $254,545At December 31, 2020, the trading securities for Tamarisk Company are as follows: Security Cost Fair Value A $18,880 $23,600 B 40,120 37,760 $59,000 $61,360 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entriy.) Account Titles and Explanation Debit Creditplease help me