Question

The Brixey Company has a portfolio of securities identical to that of the Lapinski Company. However, Brixey classified the portfolio as available-for-sale securities. The portfolio cost $160 million on January 1. The market values of the portfolio were as follows ($ in millions): March 31, $155; June 30, $135; September 30, $152; and December 31, $160.
1. Prepare a tabulation showing the balance sheet presentations and income statement presentations for quarterly reporting purposes.
2. Show the journal entries for quarters 1, 2, 3, and 4.



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  • CreatedFebruary 20, 2015
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