Prepare the December 31 adjusting entry to report these investments at fair value. Complete this question by entering your answers in the tabs below. Fair Value Adjustment General Journal Computation of fair value adjustment.
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Required information.
[The following information applies to the questions displayed below.]
On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt
securities. Reggit had no short-term investments in its prior accounting periods.
Available-for-Sale Securities
Verrizano Corporation bonds
Preble Corporation notes
Lucerne Company bonds
Cost
$ 68,000
49,000
64,000
Prepare the December 31 adjusting entry to report these investments at fair value.
General
Journal
Fair Value
$ 66,640
43,610
61,440
Complete this question by entering your answers in the tabs below.
Fair Value
Adjustment
Computation of fair value adjustment.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F88bb441b-4317-4356-82e3-70e6c69958c2%2Ffda2d9d2-0259-4b99-8717-27bcb528b90b%2Flw4uag_processed.jpeg&w=3840&q=75)
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- ! Required information [The following information applies to the questions displayed below.] On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Prepare the December 31 adjusting entry to report these investments at fair value. General Journal Complete this question by entering your answers in the tabs below. Fair Value Adjustment Computation of fair value adjustment. Cost $ 68,000 49,000 64,000 Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Total Fair Value Adjustment Computation - Available for Sale Portfolio Unrealized Amount Cost Fair Value $ 66,640 43,610 61,440 Fair Value $ 68,000 $ 66,640 49,000 43,610 64,000 61,440 $ 181,000 $ 171,690 Unrealized LossUse the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below] On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available for Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds QS 15-9 (Static) Adjusting available-for-sale debt securities to fair value LO P3 Prepare the December 31 adjusting entry to report these investments at fair value Fair Value Adjustment Complete this question by entering your answers in the tabs below. General Journal Computation of fair value adjustment. Cost $ 89,600 70,600 86,500 Verrizano Corporation bonds Preble Corporation notes Luceme Company bonds Total Fair Value Adjustment Computation Available for Sale Portfolio Cost Unrealized Amount Fair Value $ 91,600 62,900 83,100 $ Fair Value 89 600 $…On December 31, Reggit Company held the following short-term investments in its portfolio of available-for-sale debt securities. Reggit had no short-term investments in its prior accounting periods. Available-for-Sale Securities Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds epare the December 31 adjusting entry to report these investments at fair value. Fair Value Adjustment Computation of fair value adjustment. Complete this question by entering your answers in the tabs below. General Journal Cost $ 76,000 57,000 72,000 Verrizano Corporation bonds Preble Corporation notes Lucerne Company bonds Total Fair Value Adjustment Computation - Available for Sale Portfolio Unrealized Amount Cost $ Fair Value $ 74,480 50,730 69,120 Fair Value 76,000 $ 74,480 57,000 50,730 72,000 69,120 $ 205,000 $ 194,330 CO
- On December 31, Reggit Company held the following short-term investments in its portfolio of availablefor- sale debt securities. Reggit had no short-term investments in its prior accounting periods. Prepare the December 31 adjusting entry to report these investments at fair value. Available-for-Sale Securities Cost Fair Value Verrizano Corporation bonds $89,600 $91,600 Preble Corporation notes 70,600 62,900 Lucerne Company bonds 86,500 83,100Prepare adjusting entry using fair value. BEH.4 (LO 3), AP Cost and fair value data for the trading debt securities of Lecler Company at December 31, 2022, are $62,000 and $59,600, respectively. Prepare the adjusting entry to record the securities at fair value. Indicate statement presentation using fair value.At 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 Credit
- Waterton Corporation reported that short-term investments in debt securities consisted of the following (in millions): Amortized Cost Fair Value December 31 Short-term investments available - for - sale debt securities $1,373.6 $1,373.8 Short-term investments-trading debt securities 161.8 132.0 Total short-term investments $1,535.4 $1,505.8 Which of the following is true? Select one: a. Unrealized losses of $29.8 million on trading securities are included in annual income. b. Waterton's year-end balance sheet includes short-term investments of $1,535.4 million. c. There are no net unrealized gains on available-for-sale securities. d. Accumulated other comprehensive income included no unrealized gains or losses. e. None of these are correctWindsor 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)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
- On December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short- term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. General Journal Fair Value Adjustment Computation of fair value adjustment. Available-for-Sale Securities Nintendo Company notes Atlantic bonds Kellogg Company notes McDonald's Corporation bonds Totals Computation of Fair Value Adjustment $ Cost Fair Value 50,100 $ 54,609 18,637 33,908 20,040 36,072 67,635 64,253 $ 173,847 $ 171,407 Fair Value Adjustment Unrealized Amount General Journal Gain or Loss? >Information related to Jones Company's portfolio of trading debt securities at December 31, 2021 follows: Jones reported a $10,000 credit balance in its FV Adjustment - Trading Securities account in its December 31, 2020 balance sheet. Assume that it sold no trading securities during 2021. Required: How much should Jones report as unrealized gain or loss on its 2021 income statement? Prepare the journal entry that Jones would make to record the 2021 fair value adjustment to its trading portfolio. kequirement 1: Requirement 2:Pharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale 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.) No. Account Titles and Explanation (1) Debit Credit
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