xercise 12-10

At December 31, 2015, the trading securities for Storrer, Inc. are as follows.

Security Cost Fair Value A $17,400 $16,200 B 12,300 13,800 C 23,500 19,200 $53,200 $49,200

Prepare the adjusting entry at December 31, 2015, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit Dec. 31

SHOW LIST OF ACCOUNTS LINK TO TEXT

Show the balance sheet and income statement presentation at December 31, 2015, after adjustment to fair value.

Storrer, Inc. Balance Sheet (Partial) December 31, 2015 Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Short-Term Investments Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-Term Investments Total Long-Term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Current Assets Current Liabilities Intangible Assets Long-Term Investments Long-Term Liabilities Property, Plant and Equipment Short-Term Investments Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-Term Investments Total Long-Term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $

Storrer, Inc. Income Statement (Partial) For the year ended December 31, 2015 Dividends Expenses Gross Profit / (Loss) Income before Income Taxes Income from Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Sales Revenues Total Expenses Total Operating Expenses Total Revenues Operating Expenses Other Expenses and Losses Other Revenues and Gains Unrealized Loss on Trading Securities Dividends Expenses Gross Profit / (Loss) Income before Income Taxes Income from Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Sales Revenues Total Expenses Total Operating Expenses Total Revenues Operating Expenses Other Expenses and Losses Other Revenues and Gains Unrealized Loss on Trading Securities $

SHOW LIST OF ACCOUNTS LINK TO TEXT