Question: Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat Tech Companys portfolio of long-term available-for-sale securities was

Refer to your answer to SE 2. Assume that on December 31, 2012, the cost of Pirat Tech Company’s of long-term available-for-sale securities was $570,000 and that its market value was $490,000.

In SE 2, On December 31, 2011, the market value of Pirat Tech Company’s of long-term available-for-sale securities was $640,000. The cost of these securities was $570,000.

Prepare the journal entry to record the 2012 year-end adjustment.

Step by Step Solution

★★★★★

3.38 Rating (191 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

2012 Dec 31 Unrealized Loss on LongTerm In... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

328-B-A-G-F-A (3923).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

An experiment was designed to study whether eye pupil size is related to a person's attempt at deception. Eight students were asked to respond verbally to a series of questions. Before the...

Refer to your answer to Exercise 1. Required: Which country discussed in this chapter appears to have the most effective accounting and financial reporting supervision mechanism for companies whose...

Refer to your answer for Exercise 1031. Set up T-accounts, and post the journal entries to the general ledger. In Exercise 10 31, The director of cost management for Odessa Company uses a statistical...

Refer to E11-12. Prepare the journal entry to record (a) the small 12 percent stock dividend and, alternatively, (b) the large 100 percent stock dividend mentioned in requirement 2 of E11-12. Refer...

Refer to your answer to SE 2. Assume that on December 31, 2010, the cost of Logan Tech Companys portfolio of long-term available-for-sale securities was $285,000 and that its market value was...

Refer to your answer to SE 1. Assume that on December 31, 20x2, the cost of Cedar Deck Company's portfolio of long-term available-for-sale securities was $640,000 and that its market value was...

E23-3B (Preparation of Operating Activities SectionIndirect Method, Periodic Inventory) The income statement of Guesser Company is shown below. GUESSER COMPANY INCOME STATEMENT FOR THE YEAR ENDED...

Assume that on December 31, 20x7, the cost of Rapid Tech Companys portfolio of long-term available-for-sale securities was $1,280,000 and that its market value was $1,200,000. Prepare the entry to...

I've attached the question as a word file, thanks! JWCL165_c12_568-611.qxd 8/12/09 8:29 AM Page 568 12 Investments Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

Pacific Systems Elcom Sure Tech E-Drive Park Current Ratio 1.2 1.3 1.3 1.1 Inventory Turnover 5.2 5.4 9 7 Long-Term Debt Ratio to Assets 0.25 0.15 0.17 0.4 Receivable Days 49 29 59 40 Payable Days...

Listed below are the annual rates of return earned on Stock Ã and Stock Y over the past 6 years. Which stock was riskier andwhy? Year Stock X Stock Y 1690 17% 2004 20% 2005 | 15% 2006 | -10% |...

Early in 2020, Sporty corporation issued 150,000 common shares ($ 1 par value). During the year, the company purchased 20,000 of these shares as Treasury stock. After that, a 10% stock dividend was...

The effects of automating key decisions such as pricing, lead prioritisation on strategic positioning

Cupcake Queen earned net sales revenue of $67,000,000 in 2016. Cost of goods sold was $40,870,000, and net income reached $8,000,000, the companys highest ever. Compute the companys gross profit...

A 90-day, 12% note for $10,000 dated May 1 is received from a customer on account. The maturity value of the note is: a. $10,000 b. $10,300 c. $450 d. $9,550

The following narrative describes the processing of customer mail orders at Eye- Dee- A- Pet, Inc.: Eye- Dee- A- Pet, Inc. is a small manufacturing operation engaged in the selling of digital...

The adjusted trial balance of Business Reduction Systems at March 31, 2016, follows: Prepare Business Reductions multi-step income statement for the year ended March 31, 2016. BUSINESS REDUCTION...

The adjusted trial balance of Business Reduction Systems at March 31, 2016, follows: Prepare Business Reductions single-step income statement for the year ended March 31, 2016. BUSINESS REDUCTION...

What are some of the difficulties for administrators in addressing the issue of hazing among their teams?

The owner of a Mexican restaurant is deciding whether to take fish tacos off the menu. State whether each item of decision information that follows is qualitative or quantitative. If the information...

Fortress Hill Corporation has assembled the following information related to the purchase of a new cable car: Using incremental analysis and only relevant information, compute the difference in favor...

Will Company assembles products from a group of interconnecting parts. The company produces some of the parts and buys some from outside vendors. The vendor for Part X has just increased its price by...

In the 2004 presidential election, 18.3 million 25-34 year-olds reported that they voted. If this represents 46.9% of the entire 25-34 year-old population, how many 25-34 year-olds were there in 2004...

Explain the basics of Financial Management ( Minimum 5 pages- PDF) Note : 1.Add references in a separate sixth page excluding the contents. 2. References must be in the APA format. 3.At least 5...

Select all the statements that are true about Python's unittest module and Django's test framework: a. Django's test framework builds on Python's unittest module b. Django's TestCase class is a...