Homework Answers
2-a. Following will be Harlon's available for sale securities portfolio as in 2013 statement of financial position :-
| B company bonds | $37 |
| C company shares | $14 |
| D company shares | $50 |
| Total | $101 |
Following will be the adjusting entries
| General journal | debit | Credit |
| Fair value adjustment (101-96) | $5 | |
| Net Net unrealized holding gains and losses - OCI | $5 |
Note :-
Total value of poetfolio before reporting date 2013
| B company bonds (previous fair value ) | $35 |
| C company shares (purchased on sep 13) | $15 |
| D company shares (previous fair value ) | $46 |
| Total value of portfolio | $96 |
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Last Unguaranteed Financial Inc. purchased the following trading
securities during Year 1, its first year of operations:
Name
Number of Shares
Cost
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3,500
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1,300
20,800
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800
20,000
Total
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Market Price per Share
Dec. 31, Year 1
Arden Enterprises Inc.
$26.5
French Broad Industries Inc....
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Last Unguaranteed Financial Inc. purchased the following trading
securities during Year 1, its first year of operations:
Name
Number of Shares
Cost
Arden Enterprises Inc.
3,500
$73,150
French Broad Industries Inc.
1,300
20,800
Pisgah Construction Inc.
800
20,000
Total
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The market price per share for the trading security portfolio on
December 31, Year 1 was as follows:
Market Price per Share
Dec. 31, Year 1
Arden Enterprises Inc.
$26.5
French Broad Industries Inc....
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