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What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? Multiple Choice $698,400 $683.900. None of these answer choices are correct $690,900

What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? Multiple Choice $698,400 $683.900. None of these answer choices are correct $690,900

FINANCIAL ACCOUNTING
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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What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? Multiple Choice $698,400. $683.900. None of these answer choices are correct. $690,900
Transcribed Image Text:What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? Multiple Choice $698,400. $683.900. None of these answer choices are correct. $690,900
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Trading Securities: DEF Co. Bonds GER Inc. Bonds IJK Inc. Bonds Available-for-Sale Securities: LMN Co. Bonds Fair Value 12/31/2020 $385,000 Fair Value 12/31/2020 $ 55,000 $ 57,000 $ 54,000 Fair Value 12/31/2020 $147,400 Fair Value Amortized Cost Amortized Cost 12/31/2021 $410,000 Fair Value 12/31/2021 $ 66,000 $ 87,000 $ 48,500 Fair Value 12/31/2021 $161,900 12/31/2020 $377,500 Cost $ 69,100 $ 49,000 $ 42,900 Cost $150,000 12/31/2021 $370,000
Transcribed Image Text:Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: ABC Co. Bonds Trading Securities: DEF Co. Bonds GER Inc. Bonds IJK Inc. Bonds Available-for-Sale Securities: LMN Co. Bonds Fair Value 12/31/2020 $385,000 Fair Value 12/31/2020 $ 55,000 $ 57,000 $ 54,000 Fair Value 12/31/2020 $147,400 Fair Value Amortized Cost Amortized Cost 12/31/2021 $410,000 Fair Value 12/31/2021 $ 66,000 $ 87,000 $ 48,500 Fair Value 12/31/2021 $161,900 12/31/2020 $377,500 Cost $ 69,100 $ 49,000 $ 42,900 Cost $150,000 12/31/2021 $370,000
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