Question
Sunshine Ltd. Started a business on January 1, 2020 and has the following data at December 31, 2020. Securities cost fair value Trading $120,000 125,000
Sunshine Ltd. Started a business on January 1, 2020 and has the following data at December 31, 2020.
Securities cost fair value
Trading $120,000 125,000
Non-trading 100,000 96,000
The non-trading securities are held as a long-term investment.
Instructions:
- Prepare the adjusting entries to report each class of securities at fair value.
- Indicate the statement presentation of each class of securities and the related unrealized gain (losses) accounts (including statement of financial position, income statement and comprehensive income statement).
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Finance And Economics Discussion Series Understanding Productivity Lessons From Longitudinal Microdata
Authors: United States Federal Reserve Board, Mark E. Doms, Eric J. Bartelsman
1st Edition
1288717261, 9781288717262
