Using the data in question 15, prepare the adjusting entry assuming the securities are classified as trading securities.
Answer to relevant QuestionsWhat purposes are served by reporting Unrealized Gains (Losses)—Equity in the stockholders’ equity section?These are two independent situations:1. Angel Cosmetics acquired 12% of the 300,000 shares of common stock of Chic Fashion at a total cost of $14 per share on March 18, 2012. On June 30, Chic declared and paid a $75,000 ...Cost and fair value data for the trading securities of Hayden Company at December 31, 2012, are $62,000 and $59,600, respectively. Prepare the adjusting entry to record the securities at fair value.Coakley Company acquired 30% of the outstanding common stock of Ginger Inc. on January 1, 2012, by paying $1,800,000 for 60,000 shares. Ginger declared and paid a $0.50 per share cash dividend on June 30 and again on ...For each of the following cases, indicate (a) To what interest rate columns and (b) To what number of periods you would refer in looking up the discount rate.(1) In Table 3 (present value of 1):(2) In Table 4 (present value ...
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