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I have been having trouble with this problem and could use some guidence. I know it has a lot of parts, so I can send
I have been having trouble with this problem and could use some guidence. I know it has a lot of parts, so I can send them separately.
Second Nadohal Insurance Company provided this information for its trading se portfolio: Accounting for trading securities Falr Values Date Acquired 1/15/16 6/30/16 Security Acquisltion Cost 12/31/16 Company A Common Company B Commorn Company C Preferred Company D Common $50,000 30,000 20,000 10,000 $60,000 25,000 , *Second National sold 50% of the Company B common shares for $ 14,000 on July 1 , 2017. Fair value at December is for the Company B shares remaining in the trading portfolio. Required: 1. Provide the journal entries to record the fair value adjustment on December 3 Postto Sho ceahis ing calculations in good form. 2. Provide the entry to record the sale of Company B's common shares on July 3. Provide the journal entry and supporting calculations for the fair value adjustnen oe 4. What would the entry to record the sale of Company B common shares on Ju Assume that the last fair value adjustment for these shares was on Decembe December 31, 2017. have been if this security had been considered an available-for-sale security tax effects So tar sal Second Nadohal Insurance Company provided this information for its trading se portfolio: Accounting for trading securities Falr Values Date Acquired 1/15/16 6/30/16 Security Acquisltion Cost 12/31/16 Company A Common Company B Commorn Company C Preferred Company D Common $50,000 30,000 20,000 10,000 $60,000 25,000 , *Second National sold 50% of the Company B common shares for $ 14,000 on July 1 , 2017. Fair value at December is for the Company B shares remaining in the trading portfolio. Required: 1. Provide the journal entries to record the fair value adjustment on December 3 Postto Sho ceahis ing calculations in good form. 2. Provide the entry to record the sale of Company B's common shares on July 3. Provide the journal entry and supporting calculations for the fair value adjustnen oe 4. What would the entry to record the sale of Company B common shares on Ju Assume that the last fair value adjustment for these shares was on Decembe December 31, 2017. have been if this security had been considered an available-for-sale security tax effects So tar sal
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