On December 31, 2013, Lujack Co. held the following short- term available- for- sale securities. Lujack had
Question:
Lujack had no short-term investments prior to the current period. Prepare the December 31, 2013, year- end adjusting entry to record the fair value adjustment for thesesecurities.
Transcribed Image Text:
Cost Fair Value .$44450 $48,900 47,000 23.200 44.800 Adantic bonds payable . 49.000 McDonald's Corp. common stock.46,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
Computation of Fair Value Adjustment Cost Fair Value Unrealized Gain Loss ...View the full answer
Answered By
Joemar Canciller
I teach mathematics to students because I love to share what I have in this field.
I also want to see the students to love math and be fearless in this field.
I've been tutoring these past 2 years and I would like to continue what I've been doing.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st 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...
-
Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...
-
On December 31, 2013, Trade Cards Ltd. completed a physical inventory count that reflected an inventory valuation of $25,000. Theft is suspected; therefore, a reliable estimate of what the inventory...
-
What would a profile look like across a restraining bend? Releasing bend?
-
Use the data in INVEN.RAW for this exercise; see also Computer Exercise CI 1.6. (i) Obtain the OLS residuals from the accelerator model (inventt - (0 + (1(GDPi + ut and use the regression t on t-1 to...
-
Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of $25 each. a. What will be the...
-
A countercurrent leaching system is recovering oil from soybeans with five stages. On a volumetric basis, liquid flow rate/solids flow rate \(=1.36\). Recovery of oil in the solvent is \(97.5 \%\)....
-
On January 1, 2011, Antonio Company issued $700,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 8 percent and pay interest on June 30 and December 31 each year. When...
-
Sandra made the following payments in the current year: Child support $5,800 Penalty on early withdrawal of savings $260 Payment to dentist for root canal (itemized deduction) $505 Moving expenses...
-
Part A . On 12/31/16, Phoebe Companys balance sheet revealed a $7,000 balance in its allowance for doubtful accounts. During 2017, $2,000 of accounts were written off and $500 of accounts receivable...
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar year 2013. Use the account...
-
Prescrip Co. began operations in 2012. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Prescrips December 31, 2013,...
-
The beam consists of two segments pin connected at B. Draw the shear and moment diagrams for the beam. Given: F = 700 lb w = 150 lb/ft M = 800 lb ft a = 8 ft b = 4 ft c = 6 ft |B
-
Write a Python function that produces y values for any given x (which does not need to be an integer) based on the above graph. If x is not between 0 and 25 your function should return 0.
-
Suppose a wheel with 33.3 revolutions has a diameter of 35 cm, how far will it roll in a straight line?
-
Lakeside Incorporated is considering replacing old production equipment with state - of - the - art technology that will allow production cost savings of $ 7 , 5 0 0 per month. The new equipment will...
-
You are a public accountant for several wealthy individuals who have major real estate holdings, including a couple who owns a mall in Brentwood, Tennessee. A major retailer has just moved out of the...
-
How do operating systems handle process synchronization and coordination in a multi-threaded environment, specifically addressing the challenges associated with resource contention, deadlock...
-
How standardized are the statements of non-profit organizations, as compared to business organizations?
-
Explain how two samples can have the same mean but different standard deviations. Draw a bar graph that shows the two samples, their means an standard deviations as error bars. T S
-
Compare and contrast server-based architectures, client-based architectures, and clientserver-based architectures.
-
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. a....
-
Use the information in Exercise 22-3 and the following additional information to prepare a budgeted in-come statement for the month of July and a budgeted balance sheet for July 31. a. Cost of goods...
-
Hardy Companys cost of goods sold is consistently 60% of sales. The company plans to carry ending merchandise inventory for each month equal to 20% of the next months budgeted cost of good sold. All...
-
Solve for these two questions... Question 1 2 . 2 3 : A trader sells a strangle by selling a 7 - month European call option with a strike price of $ 6 0 for $ 4 and selling a 7 - month European put...
-
Problem 1 3 - 1 1 Project Discount Rate ( LO 2 ) The total market value of the equity of Okefenokee Condos is $ 1 4 million, and the total value of its debt is $ 6 million. The treasurer estimates...
-
Johnny s Lunches is considering purchasing a new, energy - efficient grill. The grill will cost $ 3 4 , 0 0 0 and will be depreciated straight - line over 3 years. It will be sold for scrap metal...
Study smarter with the SolutionInn App