Journal entries and financial statement presentation of long-term securities available for sale. The following information summarizes data

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Journal entries and financial statement presentation of long-term securities available for sale. The following information summarizes data about Rice Corporation's investments in equity securities held as noncurrent assets and classified as securities available for sale:


Fair Value Acquisition Dec. 31, Dec. 31, 2009 Selling Date Date Sold 10/5/2009 Price Security Cost 2008 Acquired 3/5/200


a. Give all journal entries relating to these equity securities during 2008 and 2009, assuming that the accounting period is the calendar year.
b. Provide a suitable presentation of investments in securities in the balance sheet and related notes on December 31, 2008.
c. Provide a suitable presentation of investments in securities in the balance sheet and related notes on December 31.2009.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Financial Accounting an introduction to concepts, methods and uses

ISBN: 978-0324789003

13th Edition

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

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