Question
In January 2018, Andrews, Inc., purchased the following securities. According to Andrews, Inc.s business model: Security Type Classification Cost A Debt FVTOCI- Debt $32,000 B
In January 2018, Andrews, Inc., purchased the following securities. According to Andrews, Inc.s business model:
| Security | Type | Classification | Cost |
| A | Debt | FVTOCI- Debt | $32,000 |
| B | Equity | FVTOCI- Equity | $20,000 |
On May 31, 2018, Andrews received interest of $6,000 and dividends of $400 on its investments.
On December 31, 2018, the portfolio of securities had the following fair market values:
| Security | Fair Market Value |
| A | $31,000 |
| B | $23,000 |
Prepare the journal entries required to record each of these transactions.
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Wiley CPAexcel Exam Review Focus Notes Auditing And Attestation 2022
Authors: Wiley
1st Edition
111984858X, 978-1119848585
