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Please help with these statements!! Problem 17-11 Culver Corp. invested its excess cash in securities during 2017. As of December 31, 2017, the securities portfolio
Please help with these statements!!
Problem 17-11 Culver Corp. invested its excess cash in securities during 2017. As of December 31, 2017, the securities portfolio consisted of the following common stocks. Cost Fair value Security Quantity Lindsay Jones, Inc. 1,000 shares $15,100 $21,100 Poley Corp. 2,000 shares 40,200 42,200 59,900 71,900 Arnold Aircraft 2,000 shares Totals $127,200 $123,200 What should be reported on Culver's December 31, 2017, balance sheet relative to these securities? What should be reported on Fernandez's 2017 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Culver Corp. Balance Sheet (Partial) Income Statement on December 31, 2018, Culver's securities portfolio consisted of the following common stocks. Security Quantity Fair Value $15,100 $20,000 Lindsay Jones, Inc. 1,000 shares 33,000 Lindsay Jones, Inc. 2,000 shares 40,300 Duff Company 1,000 shares 16,000 11,900 22,000 Arnold Aircraft 71,900 2,000 shares Totals $136,000 $94,200Step by Step Solution
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