Fundamental Accounting Principles -Hardcover
Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077862275
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 15, Problem 3E

Chapter 15, Problem 3E, Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27,

Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2015. (This is its first and only purchase of such securities.) At December 31.2015, these securities had a fair value of $72,000.

  1. Prepare the December 31, 2015, year-end adjusting entry for the trading securities' portfolio.
  2. Explain how each account in the entry' of part 1 is reported in financial statements.
  3. Prepare the January 3, 2016, entry when Brooks sells a portion of its trading securities (that had originally cost $33,000) for $35,000.

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Fundamental Accounting Principles -Hardcover

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