Some of Grand Junction Corporations investment securities are classified as trading securities and some are classified as
Question:
Some of Grand Junction Corporation’s investment securities are classified as trading securities and some are classified as available-for-sale.The cost and market value of each category at December 31, 2010, was as follows.
At December 31, 2009, the Market Adjustment—Trading account had a debit balance of $2,200, and the Market Adjustment—Available-for-Sale account had a credit balance of $7,750. Prepare the required journal entries for each group of securities for December 31, 2010.
Unrealized Gain (Loss) Fair Value Cost Trading securities Available-for-sale securities $(11,400) $ 4,200 $96,300 $59,000 $84,900 $63,200
Step by Step Answer:
Trading securities Unrealized Loss x Income 1...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Some of Tollakson Corporations investment securities are classified as trading securities and some are classified as available-for-sale. The cost and fair value of each category at December 31, 2017,...
-
Some of Quinghai Lake Limited's investment securities are classified as trading securities and some are classified as non-trading. The cost and fair value of each category at December 31, 2017, were...
-
CASE: Endometrial 1/17/2018 Pelvic US: endometrial thickening; no other abnormalities 2/13/2018 Endometrial bx: endometrioid adenocarcinoma with clear cell and papillary serous features 2/26/2018...
-
An important U.S. government organization charged with setting human resource management guidelines is O the EEOC (Equal Employment Opportunity Commission). the OSHA (Occupational Safety and Health...
-
Use limit grouping with a first class of 0-4 and a class width of 5. a. Determine a frequency distribution. b. Obtain a relative-frequency distribution. c. Construct a frequency histogram based on...
-
Three impedances are in series: Z 1 = 3.0 45 , Z 2 = 10 2 45 , Z 3 = 5.0 90 . Find the applied voltage V, if the voltage across Z 1 is 27.0 10 V.
-
A thermocouple is connected across a battery, and a current flows through it. The cold junction is connected to a reservoir at \(0{ }^{\circ} \mathrm{C}\). When its hot junction is connected to a...
-
The following information is available for Morgan Company and Parker Company, similar firms operating in the same industry. Write a half-page report comparing Morgan and Parker using the available...
-
For the following solid cross-section: (a) Compute the sectional centroidal bending stiffnesses. (b) Determine the orientation of the principal centroidal axes of bending. (c) Compute the principal...
-
Brown and Jeffreys, a West Midlands business, makes one standard product for use in the motor trade. The product, known as the Fuel Miser, for which the business holds the patent, when fitted to the...
-
Presented below are two independent situations: 1. Potomac Inc. acquired 10% of the 500,000 shares of common stock of Maryland Corporation at a total cost of $11 per share on June 17, 2010. On...
-
Identify where each of the following items would be reported in the financial statements. 1. Loss on sale of investments in stock. 2. Unrealized gain on available-for-sale securities. 3. Market...
-
What are DickeyFuller (DF) and augmented DF tests?
-
When it comes to achieving a sustainable competitive advantage, why is it important for firms to study their internal activities and resources? How can an understanding of these internal factors help...
-
Justify why Huawei needs to enhance the methods used to assess the stability of various currencies and long-term forecasting.
-
What is the distinction between a charge and a credit exchange? . How are charges applied in the accumulation bookkeeping technique? Could a charge passage at any point have a negative worth?...
-
Analyze one attribute of a product or service. Explain why the attribute is important and how it helps the target audience determine whether to purchase this product or service (what problem it...
-
Discuss why and how workers should be involved in determining the training needs of an organization.
-
What factors should motivate a contractor to have a safe operation and a good safety program?
-
Consider the sections of two circuits illustrated above. Select True or False for all statements.After connecting a and b to a battery, the voltage across R1 always equals the voltage across R2.Rcd...
-
Use the Washer Method to find the volume obtained by rotating the region in Figure 3 about the x-axis. y y=x y=mx x+
-
What relationships are involved in computing a predetermined overhead rate?
-
How can the agreement of Work in Process Inventory and job cost sheets be verified?
-
How can the agreement of Work in Process Inventory and job cost sheets be verified?
-
Identify which of these forms are refundable: W - 2 / 1 0 9 8 / 1 0 9 8 - T / 1 0 9 9 - R 1 0 9 5 - Oh, so why?
-
We will learn the preparation and interpretation of a cost-volume-profit graph and a profit graph. A CVP graph highlights CVP relationships over wide ranges of activity. The anticipated profit or...
-
ABC expects to maintain the same inventories at the end as at the beginning of the year. o . The estimated fixed costs for the or are they $ 2 8 8 , 0 0 0 , and the estimated variable costs per unit...
Study smarter with the SolutionInn App