Analysis of financial statement disclosures for marketable equity securities. Ex- hibit 11.17 reproduces data about the marketable
Question:
Analysis of financial statement disclosures for marketable equity securities. Ex- hibit 11.17 reproduces data about the marketable equity securities held as securities available for sale for Sunshine Mining Company for a recent year, with dates changed
for convenience. Assume that Sunshine held no current marketable securities at the end of Year 1. sold no current marketable securities during Year 2. purchased no non- current marketable securities during Year 2. and transferred no noncurrent marketable securities to the current portfolio during Year 2. The income statement for Year 2 shows a realized loss on sale of noncurrent marketable securities of $3.068,000.
a. What amount of net unrealized holding gain or loss on noncurrent marketable se- curities appears on the balance sheet for the end of Year 1?
b. What amount of net unrealized gain or loss on noncurrent marketable securities appears on the balance sheet for the end of Year 2?
c. What were the proceeds of the sale of noncurrent marketable securities sold dur- ing Year 2?
d. What amount of unrealized holding gain or loss on marketable securities appears on the income statement for Year 2?
Step by Step Answer:
Financial Accounting An Introduction To Concepts Methods And Uses
ISBN: 9780030259623
9th Edition
Authors: Clyde P. Stickney, Roman L. Weil