[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 Cost Company A bonds Company B notes $ 535,300 159,380 662,750 Fair Value $ 490,000 154,000 713,630 Company C bonds 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. 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?
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- 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 Cost Company A bonds Fair Value $ 495,000 151,000 647,710 $ 530,700 159,250 661,000 Company B notes Company C bonds 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. 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?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…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…help mees 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…
- 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…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. 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.
- At December 31, 2020, the investments in the portfolio of the trading securities of Kennedy Company included the following.SecurityPurchaseDateOriginalPurchase PriceAtlanta Corp. bonds, 5%, $40,000Oct. 1, 2020$40,000Dallas Inc. bonds, 4%, $20,000Jul. 1, 202020,000e. Record the entry to sell the Atlanta Corp. bonds on January 2, 2021, for $45,000.Note: List multiple debits or credits (when applicable) in alphabetical order.f. Record the entry to sell the Dallas Inc. bonds on January 3, 2021, for $17,800.g. Adjust the Fair Value Adjustment account on December 31, 2021.Determine the investment related impact on net income in 2020 and 2021.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 CreditStoll 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 Company A bonds Company B notes Company C bonds Cost $ 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. 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?