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cuestion Instructions Hurricane Inc. purchased a portfolio of available for sale securities in Year 1, its first year of operations. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value $16,932.00 2 Tornado Inc. 830.00 1,280.00 3 Tsunami Corp. 36,096.00 2,150.00 * 5 43,215.00 32,256.00 43,645.00 $90,841.00 Typhoon Corp. Total $96,243.00 On June 12, Year 2, Hurricane purchased 1,430 shares of Rogue Wave Inc. at $48 per share plus a $85 brokerage commission Required: A. Provide the journal entries to record the following (refer to the Chart of Accounts for exact wording of account titles) 1. The adjustment of the available for sale security portfolio to fair value on December 31, Year 1. IJU Corp. 830.00 Typhoon Corp. 1,280.00 5 Total 2,150,00 $14,940.00 32,256.00 43,645.00 $90,841.00 $16,932.00 36,096.00 43,215.00 $96,243.00 On June 12, Year 2, Hurricane purchased 1,430 shares of Rogue Wave Inc. at $48 per share plus a $85 brokerage commission. Required: A. Provide the journal entries to record the following (refer to the Chart of Accounts for exact wording of account titles): 1. The adjustment of the available-for-sale security portfolio to fair value on December 31, Year 1. 2. The June 12, Year 2, purchase of Rogue Wave Inc. stock. B. How are unrealized gains and losses treated differently for available for sale securities than for trading securities? -k My Work 2.mare CheckMackanses Essex Community Co . c/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator E Print Item alue journal entries, available-for-sale investments structions Chart of Accounts Final Question Journal -tructions hart of Accounts 410 Sales 611 Interest Revenue 110 Cash 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 612 Dividend Revenue 621 Income of Rogue Wave Inc. 631 Gain on Sale of Investments 641 Unrealized Gain on Trading Investments 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 161 Investments-Rogue Wave Inc. 165 Valuation Allowance for Trading Investments 166 Valuation Allowance for Available for Sale Investments 181 Land 191 Store Equipment EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense Chark My Work 2 more back Mooduses omnining Previous journal entries, available-for-sale investments uctions Chart of Accounts Journal Final Question tions of Accounts 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 533 Repairs Expense LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest Payable 241 Salaries Payable 251 Sales Tax Payable 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 721 Loss of Rogue Wave Inc. 731 Loss on Sale of Investments 741 Unrealized Loss on Trading Investments EQUITY 311 Common Stock 312 Paid-in Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid-in Capital in Excess of Par-Preferred Stock harle My Work 2 monChedd esinin Previous Chart of Account 721 Loss of Rogue Wave 731 Loss on Sale of Invest 741 Unrealized Loss on Tra EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Unrealized Gain (Loss) on Available-for-Sale Investments 351 Cash Dividends 352 Stock Dividends 390 Income Summary Chart of Accounts Journal DATE DESCRIPTION POST. REF. DEBIT CREDIT A SSETS LIABIL A2. Provide the journal entry to record the June 12, Yoar 2. purchase of Rogue Wave Inc. stock. Refer to the Chart of Accounts for exact wording of accou JOURNAL ACCOUNTING DATE DESCRIPTION POST. REF. DEBIT CREDIT Check My Wnek monChecklades minion Radio Nox final Question B. How are unrealized gains and losses treated differently for available-for-sale securities than for trading securities? the Unrealized gains and losses for available-for-sale securities are accumulated over time and reported as a credit (positive) or debit (negative) balance in section. As a result, the changes in fair value on the income statement, as is the case with trading securities. Bypassing the income statement is on the grounds that available-for-sale securities will be held for a time than trading securities; thus, fluctuations in market prices have to "cancel out" over time. Cher W o che Wod