Question: Using the data in Question 13, how would Pat report the data if the investments were long-term and the debt securities were classified as available-for-sale?

Using the data in Question 13, how would Pat report the data if the investments were long-term and the debt securities were classified as available-for-sale?

Data From Question 13.

Pat Ernst is the controller of J-Products, Inc. At December 31, the end of its first year of operations, the company’s investments in trading debt securities cost $74,000 and have a fair value of $70,000. Indicate how Pat would report these data in the financial statements prepared on December 31.

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If the investments were longterm and the debt securities were classified as availableforsale Pat would report the data as follows On the balance sheet ... View full answer

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