Troyers long-term available-for-sale portfolio at December 31, 2012, consists of the following Troyer enters into the following
Question:
Troyer’s long-term available-for-sale portfolio at December 31, 2012, consists of the following
Troyer enters into the following long-term investment transactions during year 2013.
The fair values of its investments at December 31, 2013, are: R, $568,125; S, $210,375; U, $272,800; V, $134,938; W, $54,689; and X, $45,625.
Required 1. Determine the amount Troyer should report on its December 31, 2013, balance sheet for its long-term investments in available-for-sale securities.
2. Prepare any necessary December 31, 2013, adjusting entry to record the fair value adjustment of the long-term investments in available-for-sale securities.
3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale securities should Troyer report on its December 31, 2013, income statement?
Step by Step Answer:
Fundamental Accounting Principles Volume 2
ISBN: 9780077716660
21st Edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta