The next year, all securities were worth $25,000 Classification Cost FMV on 12-31-20 FMV on 12-31-2021 Security
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Question:
The next year, all securities were worth $25,000
Classification | Cost | FMV on 12-31-20 | FMV on 12-31-2021 | ||||
Security A | Trading | 8,000.00 | 7,000.00 | 25,000 | |||
Security B | Trading | 3,000.00 | 3,500.00 | 25,000 | |||
Security C | AFS | 5,000.00 | 6,100.00 | 25,000 | |||
Security D | AFS | 12,000.00 | 11,500.00 | 25,000 | |||
Security E | Held to Maturity | 20,000.00 | 19,000.00 | 25,000 | |||
Make journal entries to | |||||||
Record the purchase and the recording of the FMV at December 31st. for both years | |||||||
On which statement will the AFS gain or loss go on and the gain or loss Trading Securities go on?
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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