Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Fair Value $ 495,000 147,000 648,390 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,170. July 6 Purchased Company x bonds for $127,000. November 13 Purchased Company Z notes for $267,500. December 9 Sold all of the Company A bonds for $517,400. Fair values at December 31 are B, $80,600; C, $600,800; X, $120,000; and Z, $279,000. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Required: . Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment or the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required information Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. View transaction list Cost $530,500 159,080 663,000 Journal entry worksheet < 1 2 3 4 5 Sold one-half of the notes Company B for $78,170. Note: Enter debits before credits. Date January 29 Record entry General Journal Clear entry Debit Credit View general journal
Required information [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Fair Value $ 495,000 147,000 648,390 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,170. July 6 Purchased Company x bonds for $127,000. November 13 Purchased Company Z notes for $267,500. December 9 Sold all of the Company A bonds for $517,400. Fair values at December 31 are B, $80,600; C, $600,800; X, $120,000; and Z, $279,000. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Required: . Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment or the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required information Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. View transaction list Cost $530,500 159,080 663,000 Journal entry worksheet < 1 2 3 4 5 Sold one-half of the notes Company B for $78,170. Note: Enter debits before credits. Date January 29 Record entry General Journal Clear entry Debit Credit View general journal
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter13: Marketable Securities And Derivatives
Section: Chapter Questions
Problem 23P
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