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At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations: Amortized cost Fair Value Trading
At December 31, 2021, Hull-Meyers Corp. had the following investments that were purchased during 2021, its first year of operations:
Amortized cost | Fair Value | ||||||
Trading Securities: | |||||||
Security A | $ | 990,000 | $ | 1,002,000 | |||
Security B | 195,000 | 190,600 | |||||
Totals | $ | 1,185,000 | $ | 1,192,600 | |||
Securities Available-for-Sale: | |||||||
Security C | $ | 790,000 | $ | 861,000 | |||
Security D | 990,000 | 1,008,600 | |||||
Totals | $ | 1,780,000 | $ | 1,869,600 | |||
Securities to Be Held-to-Maturity: | |||||||
Security E | $ | 580,000 | $ | 591,800 | |||
Security F | 705,000 | 699,200 | |||||
Totals | $ | 1,285,000 | $ | 1,291,000 | |||
No investments were sold during 2021. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent. Required: Complete the following table. (Amounts to be deducted should be indicated with a minus sign.)
Reported on Balance Sheet as: Unrealized gain (loss) included in: Current assets Noncurrent assets Net Income (I/S) Other Total Comprehensive Comprehensive Income (OCI) Income Trading Securities Security A Security B Securities Available-for-Sale Security C Security D Securities to be Held-to-Maturity Security E Security F TotalsStep by Step Solution
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