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At December 31, 2012, the trading securities for Lynette, Inc., are as follows. Instructions(a) Prepare the adjusting entry at December 31, 2012, to report the securities at fair value.(b) Show the balance sheet and income statement presentation at December 31,

At December 31, 2012, the trading securities for Lynette, Inc., are as follows.

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Instructions(a) Prepare the adjusting entry at December 31, 2012, to report the securities at fair value.(b) Show the balance sheet and income statement presentation at December 31, 2012, after adjustment to fairvalue.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Fair Value Cost Security A $18,100 12,500 23,000 $16,000 14,800 18,000 $48,800 Total $53,600

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a Dec 31 Unrealized Loss x Income 4800 Market A…View the full answer


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Financial Accounting Tools for business decision making

Financial Accounting Tools for business decision making

ISBN: 978-0470534779

6th Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Details
Chapter # 15- Reporting and Analyzing Investments
Section: Exercises
Problem: 6
Posted Date: September 22, 2011 11:30:44
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