Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In its 2018 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available for sale investments in securities: December 31 2018 2017

In its 2018 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available for sale investments in securities:

December 31
2018 2017 2016
In thousands
Accumulated other comprehensive income
Unrealized holding gains (losses) on securities:
Balance at beginning of year (7,535 ) (6,864 )
Unrealized holding gains (losses) for the year 1,511 (3,566 ) (673 )
Unrealized holding losses recognized in NI. 11,101
Balance at end of year 1,511 (7,537 )

Required: Prepare the journal entry (in thousands) that Kirby made at the end of 2018 to record unrealized holding gains arising during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

HRD Audit Evaluating The Human Resource Function For Business Improvement

Authors: RAO

1st Edition

0761993509, 978-0761993506

More Books

Students also viewed these Accounting questions