Stoll Co . ' s long - term available - for - sale portfolio at the start
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Question:
Stoll Cos longterm availableforsale portfolio at the start of this year consists of the following.AvailableforSale SecuritiesCostFair ValueCompany A bonds$$Company B notesCompany C bondsStoll enters into the following transactions involving its availableforsale debt securities this year.Jan. Sold onehalf of the Company B notes for $July Purchased Company X bonds for $Nov. Purchased Company Z notes for $Dec. Sold all of the Company A bonds for $Fair values at December are B $; C $; X $; and Z $Required Prepare journal entries to record these transactions, including the December adjusting entry to record the fair value adjustment for the longterm investments in availableforsale securities Determine the amount Stoll reports on its December balance sheet for its longterm investments inavailableforsale securities What amount of gains or losses on transactions relating to longterm investments in availableforsale debt securities does Stoll report on its income statement for this year?
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