Question
Portfolio HW FACTS: Montana had the following portfolio of securities at the beginning of the year: Cost Face Value Fair Value Trading 60,000 NA 80,000
Portfolio HW FACTS: Montana had the following portfolio of securities at the beginning of the year: Cost Face Value Fair Value Trading 60,000 NA 80,000 AFS 45,000 45,000 41,000 HTM 98,000 100,000 110,000 During the year, Montana had the following transactions with respect to its security portfolio: 1. Bought one trading security with a fair value of $5,000. 2. Sold one trading security with an original cost of $20,000 for $18,000. 3. Sold one AFS security with an original cost of $11,000 for $17,000. 4. Sold one HTM security with an original cost of $10,000 for $11,000 5. Received interest from AFS securities of $900. 6. Received cash interest from HTM securities of $2,000 and recorded $1,000 of HTM discount amortization. 7. Received Dividends from Trading securities of $1,500 At the end of the year, the fair value of the portfolio is: Fair Value Trading 95,000 AFS 47,000 HTM 92,000 Assuming these are the only transactions for the year complete the table: Account Use debit and (credit) notation FV ADJ - Trading AFS @ Cost FV ADJ AFS HTM @ Cost FV ADJ - HTM Net Income OCI AOCI I need to Stress I Need the bottom table completed feel free to skip 1-7.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started