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Please help - I will rate Cost Exercise 17-09 At December 31, 2020, the available-for-sale debt portfolio for Flint, Inc. is as follows. Unrealized Security
Please help - I will rate
Cost Exercise 17-09 At December 31, 2020, the available-for-sale debt portfolio for Flint, Inc. is as follows. Unrealized Security Fair Value Gain (Loss) A $28,000 $24,000 $(4,000) B 20,000 22,400 2,400 36,800 40,800 4,000 Total $84,800 $87,200 2,400 Previous fair value adjustment balance-Dr. 640 Fair value adjustment-Dr. $1,760 On January 20, 2021, Flint, Inc. sold security A for $24,160. The sale proceeds are net of brokerage fees. Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter o for amounts.) FLINT, INC Balance Sheet December 31, 2020 Current Assets Debt Investments 87,200 Stockholders' Equity Common Stock x Additional Paid-in Capital Retained Earnings Add Accumulated other Comprehensive Income 24001 Total Stockholders' Equity Date Debit Credit Your answer is partially correct. Try again. Prepare the journal entry for the 2021 sale of security A. (Credit account titles are automatically indented wh amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tit and enter o for the amounts.) Account Titles and Explanation Jan. 20, 2021fCash 24,160 Loss on Sale of Investment 3,840 Fair Value Adjustment 28,000 Click if you would like to Show Work for this question: Open Show Work
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