(APPENDIX) ADJUSTING THE ALLOWANCE TO ADJUST TRADING SECURITIES TO MARKET Perry Corporation has the following information for...
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(APPENDIX) ADJUSTING THE ALLOWANCE TO ADJUST TRADING SECURITIES TO MARKET Perry Corporation has the following information for its portfolio of trading securities at the end of the past four years:
Date Portfolio Cost Portfolio Market Value 12/31/06 $162,300 $153,800 12/31/07 109,600 106,200 12/31/08 148,900 151,300 12/31/09 139,000 138,700 Required:
. Prepare the journal entries, if necessary, to adjust the allowance account at the end of 2007, 2008, and 2009.
. What is the income statement effect of the 2009 entry?
. How would your answer to 2 change if this was an available-for-sale portfolio?
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Related Book For
Cornerstones Of Financial Accounting Current Trends Update
ISBN: 9781111527952
1st Edition
Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen
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