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

image text in transcribed
image text in transcribed
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 12/31/2020 $378,000 Fair Value 12/31/2021 $403,000 Amortized Cost 12/31/2020 $370,500 Amortized Cost 12/31/2021 $363,080 Trading Securities DEF Co. Bonds GEH Inc. Bonds TOK Inc. Bonds Fair Value 12/31/2020 $ 51,000 $ 50,000 $ 47,000 Fair Value 12/31/2021 $ 62,500 $ 80.000 $ 41,500 Cost $ 65,000 $ 42,000 $ 35,900 Cost Available for Sale Securities LMX CO. Bonds Fair Value 12/31/2020 $135,000 Fair Value 12/31/2021 $151, 500 $143,000 What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? Maple Choice $653.500 5661000 5655 500 None of thosewer 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

Financial Accounting IFRS Principles

Authors: Ilse Lubbe, Goolam Modack, Alex Watson

4th Edition

0199049238, 9780199049233

More Books

Students also viewed these Accounting questions

Question

What are the purposes of strategic planning?

Answered: 1 week ago

Question

6. What qualifications are needed to perform the job?

Answered: 1 week ago