On February 1, Year 2, the Razorback Corporation decides to transfer its available-for-sale securities to the trading category. These securities had been purchased for $9,400 early in Year 1 and had a fair value of $11,700 on December 31, Year 1. On February 1, Year 2, the securities have a fair value of $12,500. Prepare the journal entries to record the transfer.

On February 1, Year 2, the Razorback Corporation decides to transfer its available-for-sale securities to the trading category. These securities had been purchased for $9,400 early in Year 1 and had a fair value of $11,700 on December 31, Year 1. On February 1, Year 2, the securities have a fair value of $12,500. Prepare the journal entries to record the transfer.

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 6RE: Refer to the information in RE13-5. Assume that on June 30, Aggie received interest on the Smith...

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