Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end costs and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 Cost $13,000 Fair Value $ 15,000 20,000 25,000 23,000 29,000 16,500 19,000 December 31, Year 4 Prepare journal entries to record each year-end fair value adjustment for these securities. View transaction list Journal entry worksheet Record the year-end adjustment to fair value. Note: Enter debits before credits. Date December 31, Year 1 General Journal Debit Credit 2,000 2,000 Clear entry View general journal Record entry >
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end costs and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 Cost $13,000 Fair Value $ 15,000 20,000 25,000 23,000 29,000 16,500 19,000 December 31, Year 4 Prepare journal entries to record each year-end fair value adjustment for these securities. View transaction list Journal entry worksheet Record the year-end adjustment to fair value. Note: Enter debits before credits. Date December 31, Year 1 General Journal Debit Credit 2,000 2,000 Clear entry View general journal Record entry >
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
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 5RE
Question
am.701.
![Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end costs
and fair values for its portfolio of these investments follow.
Portfolio of Available-for-Sale Securities
December 31, Year 1
December 31, Year 2
December 31, Year 3
Cost
$13,000
Fair Value
$ 15,000
20,000
25,000
23,000
29,000
16,500
19,000
December 31, Year 4
Prepare journal entries to record each year-end fair value adjustment for these securities.
View transaction list
Journal entry worksheet
Record the year-end adjustment to fair value.
Note: Enter debits before credits.
Date
December 31,
Year 1
General Journal
Debit
Credit
2,000
2,000
Clear entry
View general journal
Record entry
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbde70e66-1e72-4ee3-ab2a-019fb0f5d574%2F48fc52fa-8ac4-48ba-85f5-f3ab35b1a231%2Fb6bp36_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end costs
and fair values for its portfolio of these investments follow.
Portfolio of Available-for-Sale Securities
December 31, Year 1
December 31, Year 2
December 31, Year 3
Cost
$13,000
Fair Value
$ 15,000
20,000
25,000
23,000
29,000
16,500
19,000
December 31, Year 4
Prepare journal entries to record each year-end fair value adjustment for these securities.
View transaction list
Journal entry worksheet
Record the year-end adjustment to fair value.
Note: Enter debits before credits.
Date
December 31,
Year 1
General Journal
Debit
Credit
2,000
2,000
Clear entry
View general journal
Record entry
>
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