Woolford Company has the following portfolio of available-for-sale securities at December 31, 2008. Instructions (a) What should

Question:

Woolford Company has the following portfolio of available-for-sale securities at December 31, 2008.

Instructions
(a) What should be reported on Woolford's December 31, 2008, balance sheet relative to these long-term available-for-sale securities?
On December 31, 2009, Woolford's portfolio of available-for-sale securities consisted of the following common stocks.

At the end of year 2009, Woolford Company changed its intent relative to its investment in Favre, Inc. and reclassified the shares to trading securities status when the shares were selling for $9 per share.
(b) What should be reported on the face of Woolford's December 31, 2009, balance sheet relative to available for- sale securities investments? What should be reported to reflect the transactions above in Woolford's 2009 income statement?
(c) Assuming that comparative financial statements for 2008 and 2009 are presented, draft the footnote necessary for full disclosure of Woolford's transactions and position in equitysecurities.

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