Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale...
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Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost Fair Value $ 531,500 159,040 663,000 $ 495,000 145,000 641,100 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,200. July 6 Purchased Company X bonds for $120,700. November 13 Purchased Company Z notes for $268,000. December 9 Sold all of the Company A bonds for $515,200. Fair values at December 31 are B, $83,500; C, $605,700; X, $108,000; and Z, $280,000. Problem 15-3A (Algo) Part 1 and 2 Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. View transaction list Journal entry worksheet 1 2 345 Sold one-half of the notes Company B for $78,200. Note: Enter debits before credits. Date January 29 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Fair Value Adjustment Computation - Available-for-Sale Securities December 31 AFS Securities Total Cost $ 0 $ December 31 Balance in the Fair Value Adjustment account Fair Value Unrealized Amount ! Required information Problem 15-3A (Algo) Debt investments in available-for-sale securities; unrealized and realized gains and losses LO P3 [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $ 531,500 159,040 663,000 Fair Value $ 495,000 145,000 641,100 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,200. July 6 Purchased Company X bonds for $120,700. November 13 Purchased Company Z notes for $268,000. December 9 Sold all of the Company A bonds for $515,200. Fair values at December 31 are B, $83,500; C, $605,700; X, $108,000; and Z, $280,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year? Loss Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost Fair Value $ 531,500 159,040 663,000 $ 495,000 145,000 641,100 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,200. July 6 Purchased Company X bonds for $120,700. November 13 Purchased Company Z notes for $268,000. December 9 Sold all of the Company A bonds for $515,200. Fair values at December 31 are B, $83,500; C, $605,700; X, $108,000; and Z, $280,000. Problem 15-3A (Algo) Part 1 and 2 Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. View transaction list Journal entry worksheet 1 2 345 Sold one-half of the notes Company B for $78,200. Note: Enter debits before credits. Date January 29 General Journal Debit Credit Record entry Clear entry View general journal Required: 1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities. 2. Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount Stoll reports on its December 31 balance sheet for its long-term investments in available-for-sale securities. Fair Value Adjustment Computation - Available-for-Sale Securities December 31 AFS Securities Total Cost $ 0 $ December 31 Balance in the Fair Value Adjustment account Fair Value Unrealized Amount ! Required information Problem 15-3A (Algo) Debt investments in available-for-sale securities; unrealized and realized gains and losses LO P3 [The following information applies to the questions displayed below.] Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Company A bonds Company B notes Company C bonds Cost $ 531,500 159,040 663,000 Fair Value $ 495,000 145,000 641,100 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,200. July 6 Purchased Company X bonds for $120,700. November 13 Purchased Company Z notes for $268,000. December 9 Sold all of the Company A bonds for $515,200. Fair values at December 31 are B, $83,500; C, $605,700; X, $108,000; and Z, $280,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year? Loss
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Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Posted Date:
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