Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in

Beresford Inc. purchased several investments in debt securities during 2020, 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 Securities: ABC Co. Bonds Fair Value Fair Value Amortized Cost Amortized Cost 12/31/2020 $391,000 12/31/2021 $416,000 12/31/2020 $383,500 12/31/2021 $376,000 Trading Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost DEF Co. Bonds $ 61,000 $ 72,000 $ 78,600 GEH Inc. Bonds $ 63,000 $ 93,000 $ 55,000 IJK Inc. Bonds $ 60,000 $ 54,500 $ 48,900 Available-for-Sale Securities: LMN Co. Bonds Fair Value 12/31/2020 $157,400 Fair Value 12/31/2021 $169,100 Cost $156,000 What would be the balance in Beresford's accumulated other comprehensive income with respect to these investments in its 12/31/2021 balance sheet (ignore taxes)? Multiple Choice O O O O $585,100. $21100 $13,100. None of these answer choices are correct

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

Vba Advanced Advanced Techniques For Finance Pros

Authors: Hayden Van Der Post

1st Edition

979-8864994818

More Books

Students also viewed these Accounting questions

Question

8. Demonstrate aspects of assessing group performance

Answered: 1 week ago