Fair value adjustment for available-for-sale investmentsM. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations:Issuing CompanyArden Enterprises Inc.French Broad Industries Inc.Pisgah Construction Inc.$150,00066,000104,000$320,000The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows:Fair Value,Dec. 31, 20Y5Issuing CompanyArden Enterprises Inc.French Broad Industries Inc.CostPisgah Construction Inc.$168,00072,00097,000$337,000 d. If the fair value of the portfolio of securities was $330,000 on December 31, 20Y6, what would be the journalentry to adjust the portfolio to fair value? If an amount box does not require an entry, leave it blank. If no entry isrequired, select "No Entry Required" and leave the amount boxes blank.20Y6 Dec. 31 Unrealized Loss on Available-for-Sale InvestmentsValuation Allowance for Available-for-Sale Investments7,000 X7,000 X

A journal entry is a chronological record of a transaction or occurrence made in a journal or…

Fair value adjustment for available-for-sale investments M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. Cost Issuing Company Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. $150,000 66,000 104,000 $320,000 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value, Dec. 31, 20Y5 $168,000 72,000 97,000 $337,000

Fair value adjustment for available-for-sale investments M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. Cost Issuing Company Arden Enterprises Inc. French Broad Industries Inc. Pisgah Construction Inc. $150,000 66,000 104,000 $320,000 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value, Dec. 31, 20Y5 $168,000 72,000 97,000 $337,000

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 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
Journal entries for available-for-sale securities M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $150,000 French Broad Industries Inc. 66,000 Pisgah Construction Inc. 104,000 Total $320,000 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 20Y5 Arden Enterprises Inc. $170,000 French Broad Industries Inc. 71,500 Pisgah Construction Inc. 96,000 $337,500 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank. 20Y5 Dec. 31 fill in the blank 759813fbc02affb_2 fill in the blank 759813fbc02affb_3 fill in the blank 759813fbc02affb_5 fill in the blank…
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