McGee Company has the following data at December 31, 2010. The available-for-sale securities are held as a long-term investment.Instructions(a) Prepare the adjusting entries to report each class of securities at fair value.(b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss)accounts. Fair Value Securities Trading Available-for-sale Cost $120,000 $124,000
Chapter 16, Exercises #12
McGee Company has the following data at December 31, 2010.
The available-for-sale securities are held as a long-term investment.Instructions(a) Prepare the adjusting entries to report each class of securities at fair value.(b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss)accounts.
This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!
Answer
(a) Market Adjustment x Trading ($124,000 $120,000) ........................................................................ …View the full answer
Related Book For 
Accounting Principles
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-0470533475