In its 2021 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available-for-...
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In its 2021 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available-for- sale investments in securities: In thousands Accumulated other comprehensive income Gain (loss) on investments (unrealized): Loss recognized in NI Balance at beginning of year Gain (loss) on investments for the year $1,509 $(3,564) Balance at end of year December 31 2021 2020 $1,509 2019 $(7.533) $(6,862) $11,097 $(671) $(7.533) 1. Prepare the journal entry (in thousands) that Kirby made at the end of 2021 to record unrealized holding gains arising during the year. 2. In 2020, Kirby made two adjustments to its available-for-sale investments. Briefly explain the adjustments and why they occurred. In its 2021 annual report to shareholders, Kirby Inc. included the following disclosure regarding its available-for- sale investments in securities: In thousands Accumulated other comprehensive income Gain (loss) on investments (unrealized): Loss recognized in NI Balance at beginning of year Gain (loss) on investments for the year $1,509 $(3,564) Balance at end of year December 31 2021 2020 $1,509 2019 $(7.533) $(6,862) $11,097 $(671) $(7.533) 1. Prepare the journal entry (in thousands) that Kirby made at the end of 2021 to record unrealized holding gains arising during the year. 2. In 2020, Kirby made two adjustments to its available-for-sale investments. Briefly explain the adjustments and why they occurred.
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ANSWER 1 Year Account Debit Credit 2019 Accumulated Other Comprehensive Income Availableforsale Inve... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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