Metlock Corporation has the following trading portfolio of debt investments as of December 31, 2020.Security CostA$16,340B18,920C(a)29,240$64,500(b)Fair Value$12,900On January 22, 2021, Metlock Corporation sold security C for $27,520.List of Accounts23,220Prepare the adjusting entry for Metlock Corporation on December 31, 2020, to report the portfolio at fair value. (Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.)Save for Later24,940$61,060eTextbook and MediaDate Account Titles and ExplanationDec.31METLOCK CORPORATIONBalance Sheet (Partial)METLOCK CORPORATIONIncome Statement (Partial)DebitIndicate the balance sheet and income statement presentation of the fair value data for Metlock Corporation at December 31,2020.$CreditAttempts: unlimited Submit Answer

A journal entry is a basic accounting record that is used to chronologically track financial…

Metlock Corporation has the following trading portfolio of debt investments as Security Cost A $16,340 B 18,920 29,240 $64,500 C Fair Value $12,900 23,220 24,940 $61,060 On January 22, 2021, Metlock Corporation sold security C for $27,520.

Metlock Corporation has the following trading portfolio of debt investments as Security Cost A $16,340 B 18,920 29,240 $64,500 C Fair Value $12,900 23,220 24,940 $61,060 On January 22, 2021, Metlock Corporation sold security C for $27,520.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 1MC

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