Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 15, Problem 9QS
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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. Fair Value AdjustmentGeneral Journal Computation of fair value adjustment. Computation of Fair Value Adjustment Available-for-Sale Securities Cost Fair Value Unrealized Amount Gain or Loss? Nintendo Company notes $74,400 $81,096 Atlantic bonds 29,760 27,677 Kellogg Company notes 53,568 50,354 McDonald's Corporation bonds 100,440 95,418 Totals $258,168 $254,545
On December 31, Lujack Co. 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.
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Chapter 15 Solutions
Principles of Financial Accounting.
Ch. 15 - Prob. 1MCQCh. 15 - Prob. 2MCQCh. 15 - Prob. 3MCQCh. 15 - Prob. 4MCQCh. 15 - Prob. 5MCQCh. 15 - Prob. 1DQCh. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - Under what conditions should investments be...
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