Question
Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018, the company had the investments in bonds listed below. None was held at
Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2017, and all are considered securities available-for-sale.
| Cost | Fair Value | Unrealized Holding Gain (Loss) | ||||||||||
| Short term: | ||||||||||||
| Blair, Inc. | $ | 504,000 | $ | 393,000 | $ | (111,000 | ) | |||||
| ANC Corporation | 462,000 | 504,000 | 42,000 | |||||||||
| Totals | $ | 966,000 | $ | 897,000 | $ | (69,000 | ) | |||||
| Long term: | ||||||||||||
| Drake Corporation | $ | 504,000 | $ | 572,000 | $ | 68,000 | ||||||
| Aaron Industries | 708,000 | 672,000 | (36,000 | ) | ||||||||
| Totals | $ | 1,212,000 | $ | 1,244,000 | $ | 32,000 | ||||||
Required: 1. Prepare appropriate adjusting entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Essentials Of Internal Auditing For Certified Internal Auditor CIA Exam Part One Review Notes 2023
Authors: Staff At SKDEMY
1st Edition
0645811831, 978-0645811834
