The following information is available for Tamarisk Corporation's available-for-sale debt securities at December 31, 2020. Security Cost Fair Value X $40,120 $35,400 28,320 37,760 $68,440 $73,160 Prepare the adjusting entry to record the securities at fair value at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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- Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.Skysong Company has the following data at December 31, 2020 for its debt securities: Securities Cost Fair Value Available-for-sale $38,760 $44,460 Trading 52,440 47,880 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Debit Credit Date Account Titles and Explanation Dec. 31Windsor Company has the following data at December 31, 2020 for its debt securities: Securities Cost Fair Value Available-for-sale $44,200 $50,700 Trading 59,800 54,600 Journalize the December 31 adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Debit Credit Dec. 31 (To record fair value adjustment for available-for-sale investment) (To record fair value adjustment for trading investment)
- At December 31, 2020, the available-for-sale debt securities for Larkspur, Inc. are as follows. Security Cost Fair Value X $28,600 $24,960 Y 13,000 13,520 23,920 18,720 $65,520 $57,200 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 NAt December 31, 2022, the trading debt securities for Sheridan, Inc. are as follows. Security A (a) B C Cost $17,800 12,000 Dec. 31 22,900 $52,700 Fair Value $16,300 13,600 19,400 $49,300 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (List all debit entries before credit er Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No- for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit CreditAt December 31, 2020, the trading securities for Tamarisk Company are as follows: Security Cost Fair Value A $18,880 $23,600 B 40,120 37,760 $59,000 $61,360 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entriy.) Account Titles and Explanation Debit Credit
- At December 31, 2020, the trading securities for Crane, Inc. are as follows. Security Cost Fair Value A $17,500 $16,100 B 12,600 13,900 C 23,100 19,100 $53,200 $49,100 (a) Prepare the adjusting entry at December 31, 2020, 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. 31Cost and fair value data for the trading debt securities of Wildhorse Company at December 31, 2022, are $60,500 and $57,450 respectively.Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. 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 enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amountTamarisk Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2020. Amoortization cost $52,100 Fair Value 44,200 Expected credit losses 12,850 What is the amount of the credit loss that Tamarisk should report on this available-for-sale security at December 31, 2020? Prepare the journal entry to record the credit loss, if any (and any other adjustment needed), at December 31, 2020. Assume that the fair value of the available-for-sale security is $57,200 at December 31, 2020, instead of $44,200. What is the amount of the credit loss that Tamarisk should report at December 31, 2020? Assume the same information as for part (c). Prepare the journal entry to record the credit loss, if necessary (and any other adjustment needed), at December 31, 2020.
- At December 31, 2020, the cost and fair value trading securities for Crane, Inc. are as follows. Security Cost Fair Value A $18,800 $17,800 B 13,100 14,800 C 22,400 19,700 $54,300 $52,300 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.Sheridan Company in its first year of operations provides the following information related to one of its available-for-sale debt securities at December 31, 2025. Amortized cost Fair value Expected credit loss (a) $50,800 41,600 12.450 Your answer is correct. What is the amount of the credit loss that Sheridan should report on this available-for-sale security at December 31, 2025? (Do not leave any answer field blank. Enter O for amounts.) Amount of the credit loss. $ 9200