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[The following information applies to the questions displayed below.) Stoll Co.'s long-term available for sale portfolio at the start of this year consists of the
[The following information applies to the questions displayed below.) Stoll Co.'s long-term available for sale portfolio at the start of this year consists of the following Available for Sale Securities Company A bonds Company B notes Company C bonds Cost $538,800 159,470 661,900 Fair Value $494,000 152,000 647,730 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 $78,810. July 6 Purchased bonds of Company X for $124,000. Nov. 13 Purchased notes of Company Z for $267,100. Dec. 9 Sold all of the bonds of Company A for $517,200. The fair values at December 31 are B, $85.000; C. $604,500, X, $119,000, and Z. $279,000 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 question by entering your answers in the tabs below. Required 1 Required 2 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. 05 View transaction lint Journal entry worksheet
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