-
At December 31, 2017, the available-for-sale debt portfolio for
Sage, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$70,875
$60,750
$(10,125
)
B
50,625
56,700
6,075
C
93,150
103,275
10,125
Total
$214,650
$220,725
6,075
Previous fair value adjustment balance—Dr.
1,620
Fair value adjustment—Dr.
$4,455
On January 20, 2018, Sage, Inc. sold security A for $61,155. The
sale proceeds are net of brokerage fees.
Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
-
At December 31, 2017, the available-for-sale debt portfolio for
Bridgeport, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$114,625
$98,250
$(16,375
)
B
81,875
91,700
9,825
C
150,650
167,025
16,375
Total
$347,150
$356,975
9,825
Previous fair value adjustment balance—Dr.
2,620
Fair value adjustment—Dr.
$7,205
On January 20, 2018, Bridgeport, Inc. sold security A for $98,905.
The sale proceeds are net of brokerage fees.
Bridgeport Inc. reports net income in 2017 of $786,000 and in 2018
of...
-
Question 15
At December 31, 2017, the available-for-sale debt portfolio for
Flint, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$175,875
$150,750
$(25,125
)
B
125,625
140,700
15,075
C
231,150
256,275
25,125
Total
$532,650
$547,725
15,075
Previous fair value adjustment balance—Dr.
4,020
Fair value adjustment—Dr.
$11,055
On January 20, 2018, Flint, Inc. sold security A for $151,755. The
sale proceeds are net of brokerage fees.
Flint Inc. reports net income in 2017 of $1,206,000 and in...
-
At December 31, 2020, the available-for-sale debt portfolio for
Cullumber, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$17,600
$14,200
$(3,400
)
B
11,000
14,800
3,800
C
23,400
26,300
2,900
Total
$52,000
$55,300
3,300
Previous fair value adjustment balance—Dr.
300
Fair value adjustment—Dr.
$3,000
On January 20, 2021, Cullumber, Inc. sold security A for $14,300.
The sale proceeds are net of brokerage fees.
Cullumber, Inc. reports net income in 2020 of $123,000 and in 2021
of...
-
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total holding...
-
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 Dr. Fair value adjustment-Dr. $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total...
-
At December 31, 2020, the available-for-sale debt portfolio for
Cullumber, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$17,600
$14,200
$(3,400
)
B
11,000
14,800
3,800
C
23,400
26,300
2,900
Total
$52,000
$55,300
3,300
Previous fair value adjustment balance—Dr.
300
Fair value adjustment—Dr.
$3,000
On January 20, 2021, Cullumber, Inc. sold security A for $14,300.
The sale proceeds are net of brokerage fees.
Cullumber, Inc. reports net income in 2020 of $123,000 and in 2021
of...
-
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
-
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...
-
At December 31, 2020, the available-for-sale debt portfolio for
Ivanhoe, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$17,100
$14,200
$(2,900)
B
11,800
15,300
3,500
C
22,000
25,600
3,600
Total
$50,900
$55,100
4,200
Previous fair value adjustment balance—Dr.
300
Fair value adjustment—Dr.
$3,900
On January 20, 2021, Ivanhoe, Inc. sold security A for $14,300. The
sale proceeds are net of brokerage fees.
Ivanhoe, Inc. reports net income in 2020 of $117,000 and in 2021 of
$141,000....
At December 31, 2017, the available-for-sale debt portfolio for
Sage, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$70,875
$60,750
$(10,125
)
B
50,625
56,700
6,075
C
93,150
103,275
10,125
Total
$214,650
$220,725
6,075
Previous fair value adjustment balance—Dr.
1,620
Fair value adjustment—Dr.
$4,455
On January 20, 2018, Sage, Inc. sold security A for $61,155. The
sale proceeds are net of brokerage fees.
Sage Inc. reports net income in 2017 of $486,000 and in 2018 of...
At December 31, 2017, the available-for-sale debt portfolio for
Bridgeport, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$114,625
$98,250
$(16,375
)
B
81,875
91,700
9,825
C
150,650
167,025
16,375
Total
$347,150
$356,975
9,825
Previous fair value adjustment balance—Dr.
2,620
Fair value adjustment—Dr.
$7,205
On January 20, 2018, Bridgeport, Inc. sold security A for $98,905.
The sale proceeds are net of brokerage fees.
Bridgeport Inc. reports net income in 2017 of $786,000 and in 2018
of...
Question 15
At December 31, 2017, the available-for-sale debt portfolio for
Flint, Inc. is as follows.
Security
Cost
Fair Value
Unrealized
Gain (Loss)
A
$175,875
$150,750
$(25,125
)
B
125,625
140,700
15,075
C
231,150
256,275
25,125
Total
$532,650
$547,725
15,075
Previous fair value adjustment balance—Dr.
4,020
Fair value adjustment—Dr.
$11,055
On January 20, 2018, Flint, Inc. sold security A for $151,755. The
sale proceeds are net of brokerage fees.
Flint Inc. reports net income in 2017 of $1,206,000 and in...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total holding...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security Cost Fair Value $17,500 $14,500 11,500 15,400 23,000 25,900 Total $52,000 $55,800 Previous fair value adjustment balance- Unrealized Gain (Loss) $13,000) 3,900 2,900 3,800 300 Dr. Fair value adjustment-Dr. $3,500 On January 20, 2021, Oriole, Inc. sold security A for $14,600. The sale proceeds are net of brokerage fees. Oriole, Inc. reports net income in 2020 of $125,000 and in 2021 of $135,000. Total...
At December 31, 2017, the available-for-sale debt portfolio for Whispering, Inc. is as follows: Unrealized Gain (Loss) Security Cost Fair Value $44,625 $38,250 31,875 35,700 58,650 65,025 Total $135,150 $138,975 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. $(6,375 ) 3,825 6,375 3,825 1,020 $2,805 On January 20, 2018, Whispering, Inc. sold security A for $38,505. The sale proceeds are net of brokerage fees. Whispering Inc. reports net income in 2017 of $306,000 and in 2018 of $357,000. Unrealized holding...
At December 31, 2020, the available-for-sale debt portfolio for Blossom, Inc. is as follows. Security Cost Fair Value $17,000 $14,000 11,000 14,000 22,000 25,500 Total $50,000 $53,500 Previous fair value adjustment balance- Dr. Fair value adjustment-Dr. Unrealized Gain (Loss) $(3,000) 3,000 3,500 3,500 300 $3,200 On January 20, 2021, Blossom, Inc. sold security A for $14,100. The sale proceeds are net of brokerage fees. Blossom, Inc. reports net income in 2020 of $115,000 and in 2021 of $135,000. Total holding...