On December 31, 2013, Lujack Co. held the following short- term available- for- sale securities. Lujack had
Question:
Lujack had no short-term investments prior to the current period. Prepare the December 31, 2013, year- end adjusting entry to record the fair value adjustment for thesesecurities.
Transcribed Image Text:
Cost Fair Value .$44450 $48,900 47,000 23.200 44.800 Adantic bonds payable . 49.000 McDonald's Corp. common stock.46,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
Computation of Fair Value Adjustment Cost Fair Value Unrealized Gain Loss ...View the full answer
Answered By
Joemar Canciller
I teach mathematics to students because I love to share what I have in this field.
I also want to see the students to love math and be fearless in this field.
I've been tutoring these past 2 years and I would like to continue what I've been doing.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
On December 31, 2011, Loren Co. held the following short-term available-for-sale securities. Loren had no short-term investments prior to the current period. Prepare the December 31, 2011, year-end...
-
Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...
-
On December 31, 2013, Trade Cards Ltd. completed a physical inventory count that reflected an inventory valuation of $25,000. Theft is suspected; therefore, a reliable estimate of what the inventory...
-
What would a profile look like across a restraining bend? Releasing bend?
-
Use the data in INVEN.RAW for this exercise; see also Computer Exercise CI 1.6. (i) Obtain the OLS residuals from the accelerator model (inventt - (0 + (1(GDPi + ut and use the regression t on t-1 to...
-
The Coffee Corp. has an opportunity to invest P1,500,000 in investment A or investment B. Investment A promises to pay P500,000 profit at the end of the first year, P550,000 at the end of two years,...
-
Consider a short rate binomial lattice where the risk-free rate at \(t=0\) is \(10 \%\). At \(t=1\) the rate is either \(10 \%\) (for the upper node) or \(0 \%\) (for the lower node). Trace out the...
-
Reba Dixon is a fifth grade school teacher who earned a salary of $38,000 in 2017. She is 45 years old and has been divorced for four years. She received $1,200 of alimony payments each month from...
-
HomeWeb is a new real estate advertising company in Melbourne, Australia. The company has around 30 staff taking care of their main company website where real estate agents pay to post their...
-
Walshs Fruit Company contracts with growers in Ohio, Pennsylvania, and New York to purchase grapes. The grapes are processed into juice at the farms and stored in refrigerated vats. Then the juice is...
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar year 2013. Use the account...
-
Prescrip Co. began operations in 2012. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Prescrips December 31, 2013,...
-
Show that \(\Sigma^{\prime}\) defined in the proof of Lemma 7.2 is a \(\sigma\)-algebra. Data from lemma 7.2 Let (X, A), (X', A') be measurable spaces and let A' = o(9'). Then T:XX' is...
-
Which problems have to be solved if Linux is used as an operating system for an embedded system?
-
Which impact does the priority inversion problem have on the design of network middleware?
-
Provide an overview over techniques for taking advantage of scratch pad memories!
-
Provide an example demonstrating priority inversion for a system comprising three jobs!
-
How could flash memory have an influence on the design of real-time databases?
-
Write the chemical formula for the following ternary compounds given their constituent ions. (a) Potassium nitrate, K + and NO 3 (b) Ammonium dichromate, NH 4 + and Cr 2 O 7 2 (c) Copper (I)...
-
Explain how two samples can have the same mean but different standard deviations. Draw a bar graph that shows the two samples, their means an standard deviations as error bars. T S
-
Compare and contrast server-based architectures, client-based architectures, and clientserver-based architectures.
-
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. a....
-
Use the information in Exercise 22-3 and the following additional information to prepare a budgeted in-come statement for the month of July and a budgeted balance sheet for July 31. a. Cost of goods...
-
Hardy Companys cost of goods sold is consistently 60% of sales. The company plans to carry ending merchandise inventory for each month equal to 20% of the next months budgeted cost of good sold. All...
-
1 B C Use Excel to journalize the adjusting entries. Use the blue shaded areas for inputs. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from...
-
A. Make each pair of radicals similar by reducing the radicand. 1. 2,8 2. 3.24 3. 45,125 4. 3,96 5. 27.75 6. 48,12 7. 28,63 8. 4/32,1/162 9. 40,135 10. 8.200 B. Referring to each pair in letter A, do...
-
Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash...
Study smarter with the SolutionInn App