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Still. o.'s long term available for sale portfolio at the start of this year consist of the following Stoll Co's long-term available for sale portfolio
Still. o.'s long term available for sale portfolio at the start of this year consist of the following
Stoll Co's long-term available for sale portfolio at the start of this year consists of the following. Avallable-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $534,300 159,200 662,500 Fair Valve $493,000 152, cee 641,220 Stoll enters into the following transactions involving its available for sale debt securities this year. Jan. 29 sold one-half of the Company B notes for $78,690. July 6 Purchased bonds of company x for $120,000 Nov. 13 Purchased notes of Company z for $267,200. 9 Sold all of the bonds of Company A for $523,500. The fair values at December 31 are B. $82,000: C, $600,000; X, 5115,000, and Z $280,000, Dec. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available for sale securities 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available for sale securities Complete this restinn hy enterinn var answers in the tas holow View transaction list X: Sold one-half of the notes Company B for $78,690. > 2 Purchased bonds of Company X for $128,000. 3 Purchased notes of Company Z for $267,200. Sold all of the bonds of Company A for $523,500. Credit Record the year-end adjusting entry for the securities portfolio as of December 31. Note: = journal entry has been entered Record entry Clear entry View general journal Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available to securities. Fair Value Adjustment Computation - Available for Sale Securities December 31 AFS Securities Cost Fair Value Unrealized Amount Total $ 0 S 0 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year Step by Step Solution
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