problem 15-2A

sorry problem 15-23

Name Dust Devil, Inc. Gale Co. Whirlwind Co. Number of Share 1,900 850 2,850 81,700 68,000 114,000 Total as poile per share for the available-for-sale security portfolio on December 31, Year 1, was as follows: Dust Devil, Inc. Gale Co. Whirlwind Co. Market Price per Share, Dec. 31, Year 1 $40 75 42 value a. Provide the journal entry to adjust the available-for-sale security portfolio to fair on December 31, Year 1. b. Describe the income statement impact from the December 31, Year 1, journal entry EX 15-23 Balance sheet presentation of available-for-sale investments OBJ. 4 During Year 1, its first year of operations, Galileo Company purchased two available-for sale investments as follows: Security Hawking Inc. Pavlov Co. Cost $44,000 38,000 Shares Purchased 900 1,780 Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $50 per share and the Pavlov Co. stock had a market value of $24 per share. Galileo Company had net income of $300,000 and paid no dividends for the year ended December 31, Year 1. All of the available-for-sale investments are classified as current assets Continued) Investments and Fair Value Accounting a. Prepare the Current Assets section of the balance sheet presentation for the available for-sale investments. b. Prepare the Stockholders' Equity section of the balance sheet to reflect the ea and unrealized gain (loss) for the available-for-sale investments EX 15-24 Balance sheet presentation of available-for-sale investments OBJ.4