Question
Classification Cost FMV on 12-31 Security A Trading 8,000.00 7,000.00 Security B Trading 3,000.00 3,500.00 Security C AFS 5,000.00 6,100.00 Security D AFS 12,000.00 11,500.00
| Classification | Cost | FMV on 12-31 | |||||
| Security A | Trading | 8,000.00 | 7,000.00 | ||||
| Security B | Trading | 3,000.00 | 3,500.00 | ||||
| Security C | AFS | 5,000.00 | 6,100.00 | ||||
| Security D | AFS | 12,000.00 | 11,500.00 | ||||
| Security E | Held to Maturity | 20,000.00 | 19,000.00 | ||||
| Make journal entries to | |||||||
| Record the purchase and the recording of the FMV at December 31st. | |||||||
On which statement will the AFS gain or loss go on and the gain or loss Trading Securities go on?
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
