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At December 31, 2012, the trading securities for Oglesbee, 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, 2012, after adjustment to fairvalue. Security Cost Fair Value $17,500 $16.000 A B 12.500 14,000 23,000 19,000 $53,000 $49,000

Chapter 16, Exercises #10

At December 31, 2012, the trading securities for Oglesbee, 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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Security Cost Fair Value $17,500 $16.000 A B 12.500 14,000 23,000 19,000 $53,000 $49,000

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(a) Dec. 31 Unrealized Loss x Income .......................................... 4,…View the full answer

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Accounting Principles

Accounting Principles

10th Edition

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

ISBN: 978-0470534793

Answers for Questions in Chapter 16

Brief Exercises:
COMPREHENSIVE PROBLEM:
Continuing cookie chronicle:
DO IT! Review:
Exercises:
Financial Reporting Problem:
Problem Set A:
Problem Set B:
Questions:

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