Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 24, 2024

Fair value-other comprehensive income Portfolio Dec 31 2002 Investment in Bonds Amortized cost fair Value unrealized gain or loss H-ind 22000 30000 8000 r corp

Fair value-other comprehensive income Portfolio

Dec 31 2002

Investment in Bonds Amortized cost fair Value unrealized gain or loss

H-ind 22000 30000 8000

r corp 195000 170000 -25000

total portfolio 217000 200000 -17000

Fair value adjustment (credit) -17000

1) Journal entry to revalue investment at fair value

2)Journal entry to reclassify the accumulated unrealized gain or loss

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

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

Cost Accounting Concepts And Applications For Managerial Decision Making

Authors: Ralph S. Polimeni, James A. Cashin, Frank J. Fabozzi, Arthur H. Adelberg

2nd Edition

0070103100, 978-0070103108

More Books

Students also viewed these Accounting questions

Question

★★★★★

A manager must choose between two delivery alternatives: two-day freight and five-day freight. Using five-day freight would cost $ 135 less than using two-day freight for the shipment of 2,000 units....

Answered: 1 week ago

Question

★★★★★

There is a saying If it aint broke, dont fi x it. In view of the fi rms present success in paying bills promptly, should it be encouraged to use a cash budget? Be prepared to support your answer. LO.1

Answered: 1 week ago

Question

★★★★★

Am I buying this in an attempt to satisfy a psychological need?

Answered: 1 week ago

Question

★★★★★

West Gorham High School is to be located at the population center of gravity of three communities: Westbrook, population 16,000; Scarborough, population 22,000; and Gorham, population 36,500....

Answered: 1 week ago

Question

★★★★★

The target company usually benefits because the acquiring company will usually pay a premium for the target company's shares. Reynolds Contracting is issuing new10-year bonds that have warrants...

Answered: 1 week ago

Question

★★★★★

The Steven Company recorded the following manufacturing costs in the accounting period just ended: Direct materials: $20,000 Direct labor: $40,000 Manufacturing overhead: $50,000 Selling and...

Answered: 1 week ago

Question

★★★★★

Computerized medical records have promoted ________ in recent years, while industry costs are ________. Question 28 options: a) greater efficiency; rising b) decreased privacy; declining c) greater...

Answered: 1 week ago

Question

★★★★★

You recently bought a home M7.5 Discussion: Considering the Possibilities in Your Own Backyardwith a structure distant from the main house. This area was used as an art studio by the previous owner....

Answered: 1 week ago

Question

★★★★★

When several conditions are necessary for the top event to occur, we use the "AND" symbol. If the failure rates (IE probabilities) are known for each of these conditions, what would we then do to...

Answered: 1 week ago

Question

★★★★★

Question 1 Which theoretical probabilities are equal to 1/3? Check all that apply. landing on a star space on the first roll rolling an even number on the first roll landing at Cat Town on the first...

Answered: 1 week ago

Question

★★★★★

Suppose you put $1,500per month into a Roth IRA, that pays 10%APR (compounded monthly).Assume you have nothing saved today, calculate the future value of the retirement account 30 years from today....

Answered: 1 week ago

Question

★★★★★

A comptroller selected a legal method of financial reporting that concealed some embarrassing financial facts. Otherwise, those facts would have been public knowledge. Ethical Unethical

Answered: 1 week ago

Question

★★★★★

A corporate executive promoted a loyal friend and competent manager to the position of divisional vice president in preference to a better qualified manager with whom she had no close ties. Ethical...

Answered: 1 week ago

Question

★★★★★

An engineer discovered what he perceived to be a product design flaw that constituted a safety hazard. His company declined to correct the flaw. The engineer decided to keep quiet, rather than taking...

Answered: 1 week ago

Previous Question Next Question