Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments portfolio in available-for...
Prescrip Co. began operations in 2016. The cost and fair values
for its long-term investments portfolio in available-for-sale
securities are shown below. Prepare the December 31, 2017,
adjusting entry to reflect any necessary fair value adjustment for
these investments. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
| Portfolio of Available-for-Sale Securities | Cost | Fair Value | ||||
| December 31, 2016 | $ | 75,519 | $ | 68,722 | ||
| December 31, 2017 | 81,156 | 86,025 | ||||
Homework Answers
Solution:
Existing balance of fair value adjustment at beginning of 2017 = $75,519 - $68,722 = $6,797 Credit
Required balance in fair value adjustment at the end of 2017 = $86,025 - $81,156 = $4,869 Debit
Fair value adjustment for 2017 = $4,869 + $6,797 = $11,666 Debit
| Journal Entries - Prescrip Co. | ||||
| Event | Date | Particulars | Debit | Credit |
| 1 | 31-Dec-17 | Fair value adjustment Dr | $11,666.00 | |
| To Unrealized holding gain or loss - OCI | $11,666.00 | |||
| (To record adjustment to fair value for long term investment) | ||||
Add Answer to:
Prescrip Co. began operations in 2016. The cost and fair values for its long-term investments portfolio in available-for...
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt...
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt securities. The vear-end cost and fair values for its portfolio of these investments follow. Portfolio of Available for Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $12,600 18,20€ 21,300 16,389 Fair Value $16,209 27,480 32,eee 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities View transaction list Journal...
Exercise 15-10 Multiyear fair value adjustments to available-for-sale securities LO P3 Ticker Services began operations in...
Exercise 15-10 Multiyear fair value adjustments to available-for-sale securities LO P3 Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow Portfolio of Available-for-Sale Securities December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 Cost $301,840 344,098 467,973 706,639 Fair Value $292, 785 364, 744 553,612 628,909 Prepare journal entries to record each year-end fair value adjustment for these securities Complete...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25,...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following Stoll Co....
Stoll Co.'s long-term available-for-sale portfolio at December 31,
2016, consists of the following
Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following. Available-for-Sale Securities Fair Value cos t 80,000 shares of Company A common stock 46,000 shares of Company B common stock 43,000 shares of Company C common stock $1,048,600 356,750 919,000 346,000 1,338,875 1,392,000 1, Stoll enters into the following long-term investment transactions during year 2017 Jan. 29 Sold 23,000shares of Company B common stock...
Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale securities. The year-end cost...
Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow. The year end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is: Available-for-Sale Securities December 31, 20x1 December 31, 20x2 December 31, 20X3 Cost $295,000 $376,000 $446,000 Fair Value $277,000 $396,000 $495,000 Multiple Choice O Debit Unrealized Gain-Equity $18,000: Credit Fair Value Adjustment - Available-for-Sale (LT) $18,000. 0 O Debit Unrealized...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities Cost Fair Value December 31, Year 1 $ 12,600 $ 16,200 December 31, Year 2 18,200 27,400 December 31, Year 3 21,300 32,000 December 31, Year 4 16,300 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities.
Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost...
Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities Fair Value Cost December 31, 2015 $314,250 358,245 487,213 $304,823 379,740 December 31, 2016 576,373 654,766 December 31, 2017 December 31, 2018 735,692 Prepare journal entries to record each year-end fair value adjustment for these securities. Complete this question by entering your answers in the tabs below. General Journal Adjustment...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt Exercise 15-6...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt Exercise 15-6 securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal Multiyear fair value entries to record each year-end fair value adjustment for these securities. adjustments to available- for-sale debt securities Portfolio of Available-for-Sale Securities Cost Fair Value December 31, Year 1 $13,000 $15,000 December 31, Year 2........ 20,000 25,000 December 31, Year 3. 23,000 29,000 December 31, Year...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $11,000 18,500 21,100 15,400 Fair Value $17,700 26,400 31,900 19,800 Prepare journal entries to record each year-end fair value adjustment for these securities. 1 Record the year-end adjustment to fair value,...
Stoll Co.'s long-term available for sale portfolio at the start of this year consists of the...
Stoll Co.'s long-term available for sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,300 159,49€ 661,9ee Fair Value $490, eee 148,888 644,280 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,5ee. July 6 Purchased bonds of Company X for $120,600. Nov. 13 Purchased notes of Company Z for $267,000....
Ticker Services began operations in Year 1 and holds long-term investments in available for sale debt securities. The vear-end cost and fair values for its portfolio of these investments follow. Portfolio of Available for Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $12,600 18,20€ 21,300 16,389 Fair Value $16,209 27,480 32,eee 21,700 Prepare journal entries to record each year-end fair value adjustment for these securities View transaction list Journal...
Exercise 15-10 Multiyear fair value adjustments to available-for-sale securities LO P3 Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow Portfolio of Available-for-Sale Securities December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 Cost $301,840 344,098 467,973 706,639 Fair Value $292, 785 364, 744 553,612 628,909 Prepare journal entries to record each year-end fair value adjustment for these securities Complete...
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $55,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $51,500. This is the first and only time the company has purchased such securities 1. & 3. Prepare the December 31, 2017 year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $28,600. View transaction list Journal entry worksheet < 1...
Stoll Co.'s long-term available-for-sale portfolio at December 31,
2016, consists of the following
Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following. Available-for-Sale Securities Fair Value cos t 80,000 shares of Company A common stock 46,000 shares of Company B common stock 43,000 shares of Company C common stock $1,048,600 356,750 919,000 346,000 1,338,875 1,392,000 1, Stoll enters into the following long-term investment transactions during year 2017 Jan. 29 Sold 23,000shares of Company B common stock...
Carpark Services began operations in 20X1 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow. The year end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is: Available-for-Sale Securities December 31, 20x1 December 31, 20x2 December 31, 20X3 Cost $295,000 $376,000 $446,000 Fair Value $277,000 $396,000 $495,000 Multiple Choice O Debit Unrealized Gain-Equity $18,000: Credit Fair Value Adjustment - Available-for-Sale (LT) $18,000. 0 O Debit Unrealized...
Ticker Services began operations in 2015 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities Fair Value Cost December 31, 2015 $314,250 358,245 487,213 $304,823 379,740 December 31, 2016 576,373 654,766 December 31, 2017 December 31, 2018 735,692 Prepare journal entries to record each year-end fair value adjustment for these securities. Complete this question by entering your answers in the tabs below. General Journal Adjustment...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt Exercise 15-6 securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal Multiyear fair value entries to record each year-end fair value adjustment for these securities. adjustments to available- for-sale debt securities Portfolio of Available-for-Sale Securities Cost Fair Value December 31, Year 1 $13,000 $15,000 December 31, Year 2........ 20,000 25,000 December 31, Year 3. 23,000 29,000 December 31, Year...
Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 Cost $11,000 18,500 21,100 15,400 Fair Value $17,700 26,400 31,900 19,800 Prepare journal entries to record each year-end fair value adjustment for these securities. 1 Record the year-end adjustment to fair value,...
Stoll Co.'s long-term available for sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,300 159,49€ 661,9ee Fair Value $490, eee 148,888 644,280 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,5ee. July 6 Purchased bonds of Company X for $120,600. Nov. 13 Purchased notes of Company Z for $267,000....
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago