During Year 1, Anthony Company purchased debt securities and holds the securities as available-for-sale. Pertinent data...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During Year 1, Anthony Company purchased debt securities and holds the securities as available-for-sale. Pertinent data are as follows: Security Cost $20,000 TE 40,000 90,000 $150,000 A B Fair value at 12/31/Y1 C $17,000 30,000 92,000 $139,000 Anthony appropriately carries these securities at fair value, and the decline in value of Security B is attributed to credit loss. The change in value of securities A and C is considered to be due to factors other than credit loss. The amount of loss on these securities that will appear on Anthony's balance sheet as a component of "Accumulated other comprehensive income" at 12/31/Y1 should be. During Year 1, Anthony Company purchased debt securities and holds the securities as available-for-sale. Pertinent data are as follows: Security Cost $20,000 TE 40,000 90,000 $150,000 A B Fair value at 12/31/Y1 C $17,000 30,000 92,000 $139,000 Anthony appropriately carries these securities at fair value, and the decline in value of Security B is attributed to credit loss. The change in value of securities A and C is considered to be due to factors other than credit loss. The amount of loss on these securities that will appear on Anthony's balance sheet as a component of "Accumulated other comprehensive income" at 12/31/Y1 should be.
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below 0 D ETA IL ED WORK ING ... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
On January 1, the company purchased debt securities for cash of $25,518. The securities have a face value of $20,000, and they mature in 15 years. The securities have a stated interest rate of 10%,...
-
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net...
-
On January 1, the company purchased debt securities with a face value of $100,000. The securities mature in seven years. The securities have a stated interest rate of 8%, and interest is paid...
-
Calculate the CGT payable in relation to each of the following disposals, assuming in each case that the annual exemption is fully utilised against other gains, that there are no allowable losses and...
-
The cantilevered bar in the figure is made from a ductile material and is statically loaded with Fy = 250 lbf and Fx = Fz = 0. Analyze the stress situation in the small diameter at the shoulder at A...
-
Fraser Baker opened Bakers Media Consulting in Winnipeg on September 1, 2024. On September 30, the balance sheet showed Cash $5,700; Accounts Receivable $2,100; Supplies $350; Equipment $7,600;...
-
A 72-kg woman is walking at \(1.5 \mathrm{~m} / \mathrm{s}\). An \(8-\mathrm{kg}\) dog is running at six times that speed in the same direction. At what speed and in what direction relative to the...
-
USA Car Rental Service was organized to provide car rental service at the airport. It has just completed its second year of business. Its trial balance follows. The following information is also...
-
16. 17. The IUPAC nomenclature of an element with electronic configuration [Rn] 5f46d17s is: (a) Unnibium (b) Unnilunium (c) Unnilquandium (d) Unniltrium The compound(s) that is (are) removed as slag...
-
Frosty Queen Creamery is looking for fresh milk suppliers for its four different plants. The company considers bids from five farms. The bids, maximum daily supplies available from each bidder, and...
-
Output Specification Output the average number of repetitions for each workout to three decimal places. Note that workout counts is starting at 1. In program, variables must reset at the begining of...
-
Suppose you are given two urns, numbered Urn I and Urn II. Contents of Urn I: 5 red, 6 blue, and 10 green marbles Contents of Urn II: 30 red, 20 blue, and 10 green marbles The probability of...
-
Two cards are drawn from a standard deck of cards, and one of the two cards is noted and removed. Find the probabilities of the second card, given the information about the removed card provided in...
-
Consider the experiment of selecting three items (without replacement) from a sample space of 100 , of which 5 items are defective. Let \(A_{1}=\{\) first item selected is defective \(\}, A_{2}=\)...
-
Refer to the following tree diagram for a two-stage experiment. Find the probabilities in Problems 7-12. (Round your answers in Problems 11 and 12 to the nearest hundredth.) \(P(B \mid E)\) A B E E E...
-
Suppose you are given two urns, numbered Urn I and Urn II. Contents of Urn I: 5 red, 6 blue, and 10 green marbles Contents of Urn II: 30 red, 20 blue, and 10 green marbles The probability of...
-
Tinsel Ltd entered into the following transactions during 2022: On 1 June 2022 Tinsel Ltd issued a 6% 90-day bill payable to a supplier to cover an account payable owing. The amount owing in the...
-
Reconsider Prob. 1474. In order to drain the tank faster, a pump is installed near the tank exit as in Fig. P1475. Determine how much pump power input is necessary to establish an average water...
-
On January 1, 2019, Knox Company showed the following alphabetical list of shareholders equity items: Additional paid-in capital on common stock ........................$130,000 Additional paid-in...
-
Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at December 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales....
-
Explain the time value of money and how it can be viewed as compensation.
-
Genevieve and William Timmons began their tenancy of a ground-floor apartment at Cobblestone Square in September 2011. Kingsley-Johnston, Inc., is a property management company responsible for...
-
Cress Trust owns houses in Marion County, for whom Rainbow Realty Group, Inc., sells, rents, and manages. The same person serves as Rainbows president and Cresss corporate trustee. Cress offers four...
-
Linda Miller rented 35 acres of pastureland in Wabaunsee County, Kansas, from William Burnett for $1,000 per year. Miller and her husband used the land to grow and harvest brome grass for their...
Study smarter with the SolutionInn App