Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Looking for clarification. Provided a portion of my sample below, please show work so I can apply to my homework. For each security classification (i.e.,

Looking for clarification. Provided a portion of my sample below, please show work so I can apply to my homework.

For each security classification (i.e., Trading, AFS, HTM), if necessary, determine the unrealized gain or loss to be recognized during June 2021 and propose adjusting journal entries. [6 points]

  • Your numbers must be formatted using comma separators and to the nearest cent (2 decimal places).
  • Your entries must identify the security classification affected by the entry.
  • Your entries must identify the unrealized gain or loss as affecting net income (NI) or other comprehensive income (OCI).

For each security classification, if necessary, determine the June 30 balance in the Fair Value Adjustment account. [4 points]

  • You must identify the dollar value of the balance and the type of balance (debit or credit) for each classification as needed.
  • Your numbers must be formatted comma separators and to the nearest cent (2 decimal places).

Sample Excel Data:

amountclassificationSecurity Typepurchase_pricecostMayPriceMayValueJunePriceJuneValue35AFSDebt129451508429400842940012TradingEquity9811767691273.72884.6425TradingEquity133.44333653.461336.552.9213237HTMDebt75.665296.2138.189672.6139.599771.314TradingEquity114.661605.24140.581968.12140.581968.1230TradingEquity109.613288.375.242257.275.242257.215HTMDebt137.74206613248003248007TradingEquity84.15589.0515.84110.8815.52108.6425TradingEquity23.7659488220086.24215621AFSDebt122.8825804.810622260103.8821814.8

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

Effective Use Of Teams For IT Audits

Authors: Martin Krist

1st Edition

0849398282, 978-0849398285

More Books

Students also viewed these Accounting questions