At December 31, 2017, the trading securities for Gwynn, Inc. are as follows. Security Cost Fair Value

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At December 31, 2017, the trading securities for Gwynn, Inc. are as follows.

Security Cost Fair Value LO15 A $18,100 $16,000 B 12,500 14,800 C 23,000 18,000 Total $53,600 $48,800 Instructions

(a) Prepare the adjusting entry at December 31, 2017, to report the securities at fair value.

(b) Show the balance sheet and income statement presentation at December 31, 2017, after adjustment to fair value.

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Financial Accounting

ISBN: 9781118953907

8th Edition

Authors: Paul D Kimmel, Jerry J Weygandt, Donald E Kieso

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Question Posted: Jul 08, 2024 02:07 AM

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At December 31, 2017, the trading securities for Gwynn, Inc. are as follows. Security Cost Fair Value

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Financial Accounting

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