Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom SE has the following data at December 31, 2020 Securities Cost Fair Value Trading 118.200 126.300 Non-trading 104,000 92,900 The non-trading securities are held

Blossom SE has the following data at December 31, 2020 Securities Cost Fair Value Trading 118.200 126.300 Non-trading 104,000 92,900 The non-trading securities are held as a long-term investment. This is the first year of the company's operations. Prepare the adjusting entries to report each class of securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts) Account Titles and Explanation Fair Value Adjustment-Trading Unrealized Gain or Loss-Income (To record trading securities at fair value) Debit Credit 8100 8100 Question 4 of 6 < > Unrealized Gain or Fair Valve Adjustment Non-Trading (To record non-trading securities at fair value) 11100 -/10 1 118200 Indicate the statement presentation of each class of securities and the related unrealized gain Boss) accounts Blossom SE Statement of Financial Position (Partial) For the Year Ended December 31.2020 6000 14000 40C Question 4 of 6 < > Total Intangible Assets Blossom SE Income Statement (Partial) December 31, 2020 Unrealized Gain on Trading Securities 120000 14000 /10 Save for Later Last saved 8 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes Attempts: unlimited Submit

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

Managerial Accounting

Authors: Mcgrawhil/Irwin

1st Edition

B008CMOMTS

More Books

Students also viewed these Accounting questions