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Can someone please do this case study for me. ASAP! E12-10 Prepare adjusting entry to record fair value, and indicate statement presentation At December 31,
Can someone please do this case study for me. ASAP!
E12-10 Prepare adjusting entry to record fair value, and indicate statement presentation At December 31, 2015, the trading securities for Storrer, Inc. are as follows. Security A B C Cost Fair Value $17,500 $16,000 12,500 14,000 23,000 21,000 $53,000 $51,000 Instructions (a) Prepare the adjusting entry at December 31, 2015, to report the securities at fair value. (b) Show the balance sheet presentation at December 31, 2015, after adjustment to fair value. Prepare the current assets section of the balance sheet using the partial trial balance information below. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Dec. 31 Unrealized loss on available-for-sal Investments Partial trial balance for part (b): Account Cash Note Payable over 1 year Inventory Accounts Rec. Accounts Pay. Allowance for Doubtful Account Investments (use above) Fair Value Adjust (above) Equipment Accumulated Depreciation (b) Debit 26,000 Credit 13,000 75,000 45,000 36,000 4,500 78,000 24,000 Balance Sheet Current assets Cash 26,000 Inventory 75,000 A/R 45000 Investment 2,000 Equipment 78000 Allowance for Doubfu -4500 Total Assets 221,500 2,000? 2,000Step by Step Solution
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