FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Bridgeport Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks.

Security
 
Quantity
     
Cost
 
Fair Value
Lindsay Jones, Inc.   1,000 shares       $15,100   $21,100
Poley Corp.   2,000 shares       39,900   41,800
Arnold Aircraft   2,000 shares       72,500   60,300
        Totals   $127,500   $123,200

What should be reported on Bridgeport’s December 31, 2020, balance sheet relative to these securities? What should be reported on Bridgeport’s 2020 income statement? 

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