On December 31, 2011, Manhattan Co. held the following short-term available-for-sale securities. Manhattan had no short-term investments
Question:
Manhattan had no short-term investments prior to the current period. Prepare the December 31, 2011, yearend adjusting entry to record the fair value adjustment for thesesecurities.
Transcribed Image Text:
Fair Value Nintendo Co. common stock-. ....$68.900$75.300 22,800 47,200 86.600 Atlantic bonds payable . .24.500 McDonald's Corp. common stock 91,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
Computation of Fair Value Adjustment Cost Fair Value Unrealized Gain Loss N...View the full answer
Answered By
Hamza Amjad
Currently I am student in master degree program.from last two year I am tutring in Academy and I tought many O/A level student in home tution.
4.80+
3+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
On December 31, 2011, Loren Co. held the following short-term available-for-sale securities. Loren had no short-term investments prior to the current period. Prepare the December 31, 2011, year-end...
-
On December 31, 2011, Tina and Webb, who share profits and losses equally, have capital balances of $170,000 and $200,000, respectively. They agree to admit Zen for a one-third interest in capital...
-
On December 31, 2011, Tagert Company held the following short-term investments in its portfolio of available-for-sale securities. Tagert had no short-term investments in its prior accounting periods....
-
1. By integrating Planck's codiation law over all wave hengths power radiated per square meter of a is given by: R(T) = (55) T" proof that the cavity's surface note: x= he AKT 2 xdx 3 % ex-1
-
Expand the comparisons made in Example 10.3.7. (a) Another test based on Huber's M-estimator would be one that used a variance estimate, based on (10.3.6). Examine the performance of such a test...
-
What is the big difference between these two types of markets? In which of the two do you prefer to invest, explain why?
-
Several 95% confidence intervals for the mean response will be constructed, based on a data set for which the sample mean value for the explanatory variable is x = 10. The values of x for which the...
-
Per GASB standards if a government gives a cash advance to a grantee and the grantee has not yet satised all eligibility requirements, the government would offset its credit to cash with a debit to...
-
Adidas inventory was destroyed by a hurricane on January 1, 2021. The following information was available for calendar 2020: Sales....... Net purchases..... Beginning inventory $850,000 700,000...
-
Jorg is building an office building for Wilmington Company for $20,000,000. The contract has the following characteristics: The office building is built to the customers specifications and the...
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Sophia Corp., all of which occurred during calendar year 2011. Use the account...
-
Berroa Co. began operations in 2010. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Berroas December 31, 2011, adjusting...
-
If a boat is traveling at a rate of 6b + 15 miles per hour for a time of 10 - 2b hours, what is the distance traveled by the boat?
-
Virginia Natural Gas Company (VNGC) must provide a regulation and metering unit to a new subdivision near Norfolk. They already own right-of-way and must now install the equipment at a cost of \(\$...
-
A 480 g peregrine falcon reaches a speed of 75 m/s in a vertical dive called a stoop. If we assume that the falcon speeds up under the influence of gravity only, what is the minimum height of the...
-
A new CNC mill is expected to cost \(\$ 263,000\) and have a useful life of 6 years. The net annual savings generated by the mill are independent from year to year and are estimated to follow a...
-
Consider year 7 of a utility company's financial results. The company pays income tax of \(\$ 7,112,000\), where the tax rate is 40 percent. Debt is \(\$ 100,000,000\) and the interest rate on debt...
-
Let \(d X_{t}=\theta d t+\sigma \sqrt{X_{t}} d W_{t}, X_{0}>0\), where \(\theta>0\) and, for \(a
-
American television commentator C makes the following statement: Reducing the barriers to trade with low-wage countries will expose our workers to competition from millions of low-paid workers in the...
-
From a medical tourist perspective, compare Shouldice with the traditional hospital in terms of the key factors of competition. Using Table 15-3, why would Shouldice attract patients from outside the...
-
Define mixed cost and give an example.
-
On January 2, 2014, Dusseault Apparel disposed of a machine that cost $84,000 and had been depreciated $45,250. Present the journal entries to record the disposal under each of the following...
-
The Jazz Antiquities purchased the copyright on a water color painting for $177,480 on January 1, 2014. The copyright legally protects its owner for 19 more years. However, Jazz plans to market and...
-
On September 5, 2014, Nelson Lumber purchased timber rights in Northern Quebec for $432,000, paying $96,000 cash and the balance by issuing a long-term note. Logging the area is expected to take...
-
Whirly Corporation's contribution format income statement for the most recent month is shown below: Sales (7,500 units) Variable expenses Contribution margin Fixed expenses Net operating income....
-
After she stopped at the stop sign and looked both ways, Donna pulled onto a roadway and turned right onto Johnson Road.She did not see the Plaintiff's vehicle traveling on Johnson Road. When the...
-
Fuji Co. is growing quickly. Dividends are expected to grow at a rate of 28 percent for the next three years, with the growth rate falling off to a constant 7 percent thereafter. If the required...
Study smarter with the SolutionInn App