Question
arpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these
arpark Services began operations in 20X1 and maintains long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these debt securities follows. The year-end adjusting entry to record the unrealized gain/loss at December 31, 20X1 is:
| Available-for-Sale Securities | Cost | Fair Value | |||
| December 31, 20X1 | $ | 335,000 | $ | 327,000 | |
| December 31, 20X2 | $ | 408,000 | $ | 418,000 | |
Multiple Choice
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Debit Realized Loss Income $8,000; Credit Fair Value Adjustment Available-for-Sale (ST) $8,000.
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Debit Unrealized Gain Equity $8,000; Credit Fair Value Adjustment Available-for-Sale (LT) $8,000.
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Debit Fair Value Adjustment Available-for-Sale (LT) $8,000; Credit Unrealized Loss Equity $8,000.
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Debit Fair Value Adjustment Available-for-Sale (LT) $8,000; Credit Unrealized Gain Equity $8,000.
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Debit Unrealized Loss Equity $8,000; Credit Fair Value Adjustment Available-for-Sale (LT) $8,000.
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Guidelines For Auditing Process Safety Management Systems
Authors: CCPS (Center For Chemical Process Safety)
2nd Edition
0470282355, 978-0470282359
