Current Attempt in Progress Some of Cullumber Corporation's investments in debt securities are classified as trading securities and some are classified as available- for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $83,500 $(13,000) Available-for-sale securities $59,000 $63,000 $4,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,900, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,400. Prepare the required journal entries for each group of securities for December 31, 2022. (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 O for the amounts.) No. Account Titles and Explanation Trading securities: Debit Credit 1. 2. Available-for-sale securities: Save for Later Attempts: 0 of 1 used Submit Answer
Current Attempt in Progress Some of Cullumber Corporation's investments in debt securities are classified as trading securities and some are classified as available- for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $83,500 $(13,000) Available-for-sale securities $59,000 $63,000 $4,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,900, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,400. Prepare the required journal entries for each group of securities for December 31, 2022. (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 O for the amounts.) No. Account Titles and Explanation Trading securities: Debit Credit 1. 2. Available-for-sale securities: Save for Later Attempts: 0 of 1 used Submit Answer
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 19E
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