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Hi can I please get some help on this accounting problem? Thank you. On February 1, 2018, West Co. decides to invest excess cash of
Hi can I please get some help on this accounting problem? Thank you.
On February 1, 2018, West Co. decides to invest excess cash of $17,600 by purchasing a Shaw, Inc. bond at face value. At year-end, December 31, 2018, the fair value of the Shaw bond was $19,900. The investment is categorized as a trading debt investment. Begin by journalizing West's investment in the Shaw, Inc, bond, Date Accounts and Explanation Debit Credit Feb. 1 Cash Joumalize the adjustment, if required, at year-end, December 31, 2018. Shaw's market price was $19,900 per share. Date Accounts and Explanation Debit Credit Dec 31 Requirement 2. In what category and at what value would West report the asset on the December 31, 2018, balance sheet? In what account would the market price change in Shaws bond be reported, if at all? classified as a on the balance sheet as of December 31, 2018 West would report the asset at The markal price change would Requirement 3. What was the nel collect of the investment on West's rich income for theycal crided December 31, 2017 (nie "C" :s the amount i not incxxne has not changed.) West's net income for the year ended December 31, 2018, has The amount by which net income has changedStep by Step Solution
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