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HELP ASAP Required information [The following information applies to the questions displayed below] Stoll Company's long-term available-for-sale portfolio at the start of this year consists
HELP ASAP
Required information [The following information applies to the questions displayed below] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Stoll enters into the following transactions involving its available-for-sale debt securities this yeat. January 29 Sold one-half of the Company B notes for $78,810. July 6 Purchased Company X bonds for $124,600. November 13 Purchased Company z notes for $267,100, December 9 Sold all of the Company A bonds for $517,260. Fair values at December 31 are B,$85,000;C,$604,500;X,$119,000; and Z,$279,000. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment or the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-5ale securities. Complete this question by entering your answers in the tabs below Step by Step Solution
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