What should be reported on Bridgeport's December 31, 2020, balance sheet relative to these securities? What should be reported on Bridgeport's 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Bridgeport Corp. Balance Sheet (Partial) For the Year Ended December 31, 2020 Equity Investments Fair Value Adjustment $ 123200 Income Statement For the Year Ended December 31, 2020 Other Expenses and Losses Unrealized Holding Gain or Loss - Equity $4 4300 i
What should be reported on Bridgeport's December 31, 2020, balance sheet relative to these securities? What should be reported on Bridgeport's 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Bridgeport Corp. Balance Sheet (Partial) For the Year Ended December 31, 2020 Equity Investments Fair Value Adjustment $ 123200 Income Statement For the Year Ended December 31, 2020 Other Expenses and Losses Unrealized Holding Gain or Loss - Equity $4 4300 i
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:What should be reported on Bridgeport's December 31, 2020, balance sheet relative to these securities? What should be
reported on Bridgeport's 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
Bridgeport Corp.
Balance Sheet (Partial)
For the Year Ended December 31, 2020
Equity Investments
Fair Value Adjustment
123200
Income Statement
For the Year Ended December 31, 2020
Other Expenses and Losses
Unrealized Holding Gain or Loss - Equity
4300
i
%24
%24
Transcribed Image Text:Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of
the following common stocks.
Security
Quantity
Cost
Fair Value
Lindsay Jones, Inc.
1,000 shares
$15,100
$21,100
Poley Corp.
2,000 shares
39,900
41,800
Arnold Aircraft
2,000 shares
72,500
60,300
Totals
$127,500
$123,200
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