At December 31, 2022, the trading debt securities for Sheridan, Inc. are as follows. Security A (a) B C Cost $17,800 Dec. 31 12,000 22,900 $52,700 Fair Value $16,300 13,600 19,400 $49,300 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit e Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "N for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

At December 31, 2022, the trading debt securities for Sheridan, Inc. are as follows. Security A (a) B C Cost $17,800 Dec. 31 12,000 22,900 $52,700 Fair Value $16,300 13,600 19,400 $49,300 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit e Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "N for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

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 7RE: Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith...

See similar textbooks

Similar questions

The following information is available for Tamarisk Corporation's available-for-sale debt securities at December 31, 2020. Security Cost Fair Value X $40,120 $35,400 28,320 37,760 $68,440 $73,160 Prepare the adjusting entry to record the securities at fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
Skysong Company has the following data at December 31, 2020 for its debt securities: Securities Cost Fair Value Available-for-sale $38,760 $44,460 Trading 52,440 47,880 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Debit Credit Date Account Titles and Explanation Dec. 31
At December 31, 2020, the available-for-sale debt securities for Larkspur, Inc. are as follows. Security Cost Fair Value X $28,600 $24,960 Y 13,000 13,520 23,920 18,720 $65,520 $57,200 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 N
At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.
presentation. EH.6 (LO 3), AP At December 31, 2022, the trading debt securities for Gwynn, Inc. are as follows. Fair Value Instructions Security A B C Total Cost $18,100 12,500 23,000 $53,600 $16,000 14,800 18,000 $48,800 a. Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. b. Show the balance sheet and income statement presentation at December 31, 2022, after adjustment to fair value. Prepare adjusting entry to record fair value, and indicate statement presentation.
Prepare adjusting entry using fair value. BEH.4 (LO 3), AP Cost and fair value data for the trading debt securities of Lecler Company at December 31, 2022, are $62,000 and $59,600, respectively. Prepare the adjusting entry to record the securities at fair value. Indicate statement presentation using fair value.
At December 31, 2020, Stellar Corporation has the following account balances: Bonds payable, due January 1, 2029 Discount on bonds payable Interest payable $1,900,000 102,000 # 92,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications. (Enter account name only and do not provide descriptive information.) Stellar Corporation Balance Sheet (Partial) $ tA
Windsor Company has the following data at December 31, 2020 for its debt securities: Securities Cost Fair Value Available-for-sale $44,200 $50,700 Trading 59,800 54,600 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Debit Credit Dec. 31 (To record fair value adjustment for available-for-sale investment) (To record fair value adjustment for trading investment)
EH.6 (LO 3), AP At December 31, 2022, the trading debt securities for Gwynn, Inc. are as follows. Security A B C Total Cost $18,100 12,500 23,000 $53,600 Fair Value $16,000 14,800 18,000 $48,800 Instructions a. Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. b. Show the balance sheet and income statement presentation at December 31, 2022, after adjustment to fair value.
At December 31, 2020, the trading securities for Crane, Inc. are as follows. Security Cost Fair Value A $17,500 $16,100 B 12,600 13,900 C 23,100 19,100 $53,200 $49,100 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31
At December 31, 2020, the trading securities for Tamarisk Company are as follows: Security Cost Fair Value A $18,880 $23,600 B 40,120 37,760 $59,000 $61,360 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entriy.) Account Titles and Explanation Debit Credit
Cost and fair value data for the trading debt securities of Wildhorse Company at December 31, 2022, are $60,500 and $57,450 respectively.Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount