Uttinger Company has the following data at December 31, 2020. The available-for-sale securities are held as a
Question:
The available-for-sale securities are held as a long-term investment.
Instructions
a. Prepare the adjusting entries to report each class of securities at fair value.
b. Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts.
Transcribed Image Text:
Fair Value Securities Cost Trading $120,000 100,000 $126,000 96,000 Available-for-sale
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a Fair Value Adjustment x Trading 126000 120000 6000 Unrealized Gain x In...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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