JED Capital Inc. makes investments in trading securities. Selected income statement items for the years ended December
Question:
JED Capital Inc. makes investments in trading securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows:
Determine the missing lettered items assuming JED Capital Inc. paid no dividends
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JED Capital Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 3 Year 2 a. e. Income from operations Unrealized loss on trading investments b. S(11,000) C. 28,000 Net income JED Capital Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 $144,000 $168,000 $205,000 Trading investments, at cost Valuation allowance for trading investments Trading investments, at fair value Retained earnings 17,000 f. (12,000) g. h. d. $210,000 $245,000 i.
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1 Calculation of the fair value of trading investments Year 2 144000 12000 132000 Year 3 168000 1700...View the full answer
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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