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Can someone please answer the following question attached immediately. Response needed in an hour Thanks! The following information pertains to Fox Inc.'s portfolio of marketable
Can someone please answer the following question attached immediately. Response needed in an hour
Thanks!
The following information pertains to Fox Inc.'s portfolio of marketable securities for the Year ended Dec 31, Year 1 and Dec 31, Year 2. Cost Fair Value at 12/31 Year 1 Year 2 Activity: Purchases Year 2 Activity: Sales Fair Value at 12/31 Year 2 Smith Co. $230,000 $240,000 $235,000 Jones Co $290,000 $275,000 $285,000 Williams's Co. $270,000 $245,000 Gores Co. $250,000 $235,000 Trading Securities Available for Sale Securities $255,000 N/A $265,000 Held to Maturity Securities Martin Co. 1,400,000 $1,250,000 Note 1: Fox Inc. uses US GAAP Note 2: Fox Inc. uses valuation accounts to record changes in the fair value of its marketable securities Note 3: The Martin Co. security was purchase at par value Note 4: The decline in the value of Martin Co. is considered to be other than temporary Requirement: Record the journal entries for the following marketable securities transactions based on the information given in the table. 1. Mark to market journal entry for the Smith Co security at 12/31 Year 1 2. Mark to market journal entry for the Jones Co security at 12/31 Year 1 3. Mark to market journal entry for the Williams Co security at 12/31 Year 1 4. Mark to market journal entry for the Gores Co security at 12/31 Year 1 5. Mark to market journal entry for the Smith Co security at 12/31 Year 2 6. Mark to market journal entry for the Jones Co security at 12/31 Year 2 7. Mark to market journal entry for the Williams Co security at 12/31 Year 2 8. Mark to market journal entry for the Gores Co security at 12/31 Year 2 9. Journal entry to record purchase of Martin Co. Investment 10. Journal entry to record the impairment of Martin Co. InvestmentStep by Step Solution
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