Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler Corp. with a carrying (and fair)
Question:
Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler Corp. with a carrying (and fair) value of $70,000. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $60,000. It is determined that this loss in value is other than-temporary. Prepare the journal entry, if any, to record the reduction in value.
BondsWhen companies need to raise money, issuing bonds is one way to do it. A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a specific amount of money for a specific period of time in exchange...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
Loss on Impairment AvailableforSale Securities 10000 10000 In this c...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Roland Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2013 for $10,000,000 and had an estimated useful life of 8 years with no salvage...
-
Following is a random list of some of the accounts and their balances on December 31, 2019, for Copperfield Merchandising. Copperfield uses a perpetual inventory system, and all account balances are...
-
Komissarov Company has a debt investment in the bonds issued by Keune Inc. The bonds were purchased at par for $400,000 and, at the end of 2012, have a remaining life of 3 years with annual interest...
-
Use any method to determine if the series converges or diverges. Give reasons for your answer. n10 10" n=1
-
Wilde Home & Garden is organized into three departments. The following sales and cost data are available for the prior year: Required a. What is the weighted average contribution margin ratio? b....
-
Kordel Company pays $15,200 relating to its installment note payable; of this amount $9,000 represents interest. In Kordel's statement of cash flows, this payment should be reported as (Select all...
-
What are the strengths and weaknesses of how Lululemon does business globally?
-
Given the following information and the information in Figure complete ac. a. Prepare on December 31, 2012, the adjusting journal entry for Bad Debts Expense. b. Prepare a partial balance sheet on...
-
11) Area of a Square: The area of square PQRS is 1250 square feet. T, U, V, and Ware the midpoints of PQ, QR, RS, and SP, respectively. What is the area of square TUVW? y boiler at sl P Q W S i olgnU...
-
Jay Seago is suing the manufacturer of his car for $3.5 million because of a defect that he believes caused him to have an accident. The accident kept him out of work for a year. The company has...
-
The following information relates to Starbucks for 2007: net income $672.638 million; unrealized holding loss of $20.380 million related to available-for-sale securities during the year; accumulated...
-
Investment Classifications For the following investments identify whether they are: 1. Trading Securities 2. Available-for-Sale Securities 3. Held-to-Maturity Securities Each case is independent of...
-
How is the basis in nonboot stock and securities received by a shareholder determined? How is the basis in boot property determined?
-
https://youtu.be/0tAtR4vvL3w watch above video first Do you think that the Pay What You Want pricing strategy would work in the digital age? As a marketer, do you believe it can be profitable? Do you...
-
Crafty Corporation issued $475,000 of 5%, 7-year bonds on December 31, 2013, for $448,484. Interest is paid annually on December 31. The market rate of interest is 6%. Prepare the journal entry for...
-
A single detached residence is proposed to have 3 storeys above ground plus a basement. Each storey, including the basement, is 201 m 2 in area. The acceptable solutions for floor loading of this...
-
On Jan. 1, 2017, Ski Corp. purchased a new snow-grooming machine for $ 50,000. The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry would Ski Corp. make at...
-
It was early in 2020 when Jeff Carr, CEO of United Express, was considering a strategic move to better serve some of the company's important customers. At that point in time. United had established...
-
Explain the importance and contribution of evaluation to strategic human resource management;
-
In the series connection below, what are the respective power consumptions of R, R2, and R3? R R www 4 V=6V P1-3 W; P2=3W; and P3= 3 W OP10.5 W; P2-1 W; and P3= 1.5 W P1=1.5 W; P2=1 W; and P3= 0.5 W...
-
Does the temperature of a body depend on its size?
-
As audit partner for Grupo and Rijo, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The following material items have come to your...
-
Willie Nelson, Jr., controller for Jenkins Corporation, is preparing the companys financial statements at year-end. Currently, he is focusing on the income statement and determining the format for...
-
Willie Nelson, Jr., controller for Jenkins Corporation, is preparing the companys financial statements at year-end. Currently, he is focusing on the income statement and determining the format for...
-
2) Consider the following classes: public interface Vehicle{} public class Car implements Vehicle{} public class Toyota extends Car () and the following declarations: Object obj = null; Vehicle v =...
-
response. Design an adaptive filter and check the frequency Try different length of w(n), identify plant H. Try different input signals x(n), such as: white noise, chirp signal and other signals we...
-
8) Compute the tax liability for each of the following taxpayers, including any child tax credit: a) Norm and Nancy, both ages 46, are married, have two qualified children (ages 13 and 14), and file...
Study smarter with the SolutionInn App