(Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2006, the available-for-sale equity portfolio for Steffi...
Question:
(Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2006, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.
On January 20, 2007, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees.
Instructions
(a) Prepare the adjusting entry at December 31, 2006, to report the portfolio at fair value.
(b) Show the balance sheet presentation of the investment related accounts at December 31, 2006.
(Ignore notes presentation.)
(c) Prepare the journal entry for the 2007 sale of security A.
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Related Book For 
Intermediate Accounting 2007 FASB Update Volume 2
ISBN: 9780470128763
12th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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