nstructions Chart of Accounts Journal Final QuestionstructionsNameDust Devil, Inc.Gale Co.Whirlwind Co.TotalNumber of Shares CostDust Devil, Inc.Gale Co.Whirlwind Co.1,8708102,840The market price per share for the available-for-sale security portfolio on December 31, Year 1, was as follows:$80,4107464,800113,60041$258,810Market Price per Share,Dec. 31, Year 1$39Required:A. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1. Refer to the Chart of Accountsfor exact wording of account titles.B. Describe the income statement impact from the December 31, Year 1, journal entry.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

uctions Name Dust Devil, Inc. Gale Co. Whirlwind Co. Total Number of Shares Dust Devil, Inc. Gale Co. Whirlwind Co. 1,870 810 2,840 Cost 74 $80,410 e market price per share for the available-for-sale security portfolio on December 31, Year 1, was as follows: 41 64,800 113,600 $258,810 Market Price per Share, Dec. 31, Year 1 $39 Required: A. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1. Refer to the Chart of Accounts for exact wording of account titles. B. Describe the income statement impact from the December 31, Year 1, journal entry.

uctions Name Dust Devil, Inc. Gale Co. Whirlwind Co. Total Number of Shares Dust Devil, Inc. Gale Co. Whirlwind Co. 1,870 810 2,840 Cost 74 $80,410 e market price per share for the available-for-sale security portfolio on December 31, Year 1, was as follows: 41 64,800 113,600 $258,810 Market Price per Share, Dec. 31, Year 1 $39 Required: A. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1. Refer to the Chart of Accounts for exact wording of account titles. B. Describe the income statement impact from the December 31, Year 1, journal entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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