Question
Skyline, Inc., purchased a portfolio of available-for-sale securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were
Skyline, Inc., purchased a portfolio of available-for-sale securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were as follows:
| Issuing Company | Cost | Fair Value | |
| Blackstone, INC | $4,000 | $6,200 | |
| Flagler company | 3,000 | 2,700 | |
| Patterson Cooperation | 7,500 | 9,800 | |
| Total | $14,500 | $18,700 |
a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31.
b. Where will the information from the journal entry be reported on the financial statements?
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Auditing A Complete Guide To Perform Internal And External Audits
Authors: Tim Power
1st Edition
1801490031, 978-1801490030
