Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Beresford Inc purchased several investments in debt securities during 2018, its first year of operations. The following information pertains to these securities The fluctuations in

image text in transcribed

image text in transcribed

Beresford Inc purchased several investments in debt securities during 2018, its first year of operations. The following information pertains to these securities The fluctuations in their fair values are not considered permanent Held to Maturity Fair Value Securitiest 12/31/2017 ABC CO, Bonds $375,000 Trading Fair Value Securities! 12/31/2017 DEF CO. Bonds $ 48,000 GEH Inc. 47.000 Bonds IJK Inc. $44,000 $44,000 Bonds Available for a value Sale 12/31/2017 LAN Co. Bonds $130,5ee Fair Value Amortized Cost Anortized Cost 12/31/2018 12/31/2017 12/31/2018 $400,000 $367,500 $360,000 Fair value 12/31/2018 cost $ 59,500 $ 66,000 $ 77,eee $ 39,000 $3,500 $ 32,980 Fair Value 12/31/2018 $150,400 Cost Securities: $148. Berecord in purchased several investments in det sents during 2018 its first year of operations. The following information pertains to the securities. The fluctuations in their fair values are not considered permanent Maturity Securities ARC CO. Bonds Trading sortired Cost Amortized Cost 12/31/2017 12/01/2018 $167.00 Fair Valve 12/11/2017 $,000 Fair Value 12/31/2017 48,000 $ 47,000 Fair Value 12/01/2018 $400, can Fair value 12/31/2018 59,500 $77,000 DET CoBonds GER Inc. $w. $10.00 $ 46,000 $ 3,5 $ 32,900 Bonds lietor sair Valur Fair Value 12/31/2017 slon, som Fair value 12/01/2018 $154,400 Cost LAN co indo $149,00 What total unrere holds would Beresford report is its 2019 income statement relative to investments in de securit? 555900 $36.000 $0.900 148.200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting The Impact On Decision Makers

Authors: Gary A. Porter, Curtis L. Norton

6th Edition

0324655231, 978-0324655230

More Books

Students also viewed these Accounting questions

Question

Do I really need this item?

Answered: 1 week ago