Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued at $3,240. The original cost of the investments in the portfolio was $2,880. Raven does not have significant influence on the investees in the portfolio. Prepare the journal entry to adjust the securities to fair value assuming that the Fair Value Adjustment account (unadjusted) has a a. Credit balance of $162. Date Dec. 31 Account Name b. Debit balance of $162. Date Dec. 31 Check Account Name + + # 00 # Dr. Dr. 0 0 0 0 Cr. Cr. 0 0 0 0 Analyzing Fair Value Adjustment Account On December 31, Raven Company's portfolio of equity securities was valued at $3,240. The original cost of the investments in the portfolio was $2,880. Raven does not have significant influence on the investees in the portfolio. Prepare the journal entry to adjust the securities to fair value assuming that the Fair Value Adjustment account (unadjusted) has a a. Credit balance of $162. Date Dec. 31 Account Name b. Debit balance of $162. Date Dec. 31 Check Account Name + + # 00 # Dr. Dr. 0 0 0 0 Cr. Cr. 0 0 0 0
Expert Answer:
Answer rating: 100% (QA)
A 1 ACredit balance of 162 2 Date Account 3 Fair valuer ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
How much should be invested now at 9.75% compounded monthly to have $44,000 in 5 years?
-
Kerosene with a relative density of 0.78 and dynamic viscosity () of 0.002 Pas flows from an upper storage tank under a pressure of 50kPa (gauge) to a lower vented storage tank, through three pipes...
-
If the firm's dividend policy was based on a constant payout ratio of 50 percent for all of the years with earnings over $1.50 per share and a zero payout otherwise, the annual dividends for 1999 and...
-
Who was considered the nemesis of Booker T. Washington in The Awakening of the New Negro and why?
-
A 0.016773-m3 tank contains 1 kg of refrigerant-134a at 110oC. Determine the pressure of the refrigerant, using (a) The ideal-gas equation, (b) The generalized compressibility chart, and (c) The...
-
Explain why you either agree or disagree with this interpretation of the results from estimating a regression model: This study concludes that the data are statistically substantial because there are...
-
Tyler Company reported the following costs on its financial statements (in thousands): REQUIRED: Using the reserve disclosure for Tyler Company in problem 13 and the data presented in this problem,...
-
Welch Company, which expects to start operations on January 1, 2011, will sell digital cameras in shopping malls. Welch has budgeted sales as indicated in the following table. The company expects a...
-
Display Oracle database employee last_name and salary for employee_ids between 100and 102. Include a third column that divides each salary by 1.55 and rounds the result two decimal places.
-
Aritzia Inc.s financial statements have been reproduced in Appendix A at the back of the textbook. Instructions a. Many companies use a calendar year for their financial statements. What does Aritzia...
-
Azania is a less developed country in Africa. It is famous for its wildlife and natural beauty. Unfortunately, it is also known for its unstable political and economic situation and decline in the...
-
Response on how you feel about this opinion, agree or disagree with supporting points The difficulties women face attaining international assignments tend to come from legacy based biases that...
-
How does the utilization of virtual memory address the challenges associated with limited physical RAM in modern operating systems?
-
How to response this message: "As time has gone on and things are going strong, I believe this confidence has maybe built into a bit of cockiness. I find that I am not as patient toward my customers...
-
Discuss the challenges and approaches in designing operating systems for distributed and cloud computing environments, focusing on issues such as fault tolerance, scalability, and resource...
-
Suppose the current stock price is $50 and you believe that, one year from now, the stock will sell for either $60 (up-state) or $30 (down-state). The yield on a 1-year risk-free zero coupon bond is...
-
Consider the following one-period binomial model for stock price. At t = 0 the stock price is $80 and at t = 1 (t is in years) it could be $70 with probability p > 0 and $y with probability 1 ? p....
-
Archangel Corporation prepared the following variance report. Instructions Fill in the appropriate amounts or letters for the question marks in the report. ARCHANGEL CORPORATION Variance...
-
There is an ongoing debate between the U.S. and China regarding whether the Chinese yuan's value should be revalued upward. The cost of labor in China is substantially lower than that in the U.S. a....
-
Harz Co. (a U.S. firm) has an arrangement with a Chinese company in which it purchases the products from them every week at the prevailing spot rate, and then sells the products in the U.S. invoiced...
-
Go to the currency converter at finance.yahoo.com/currency and determine the bid/ask spread for the euro. Then determine the bid/ask spread for a currency in a less developed country. Why do you...
-
Preventing a user who approves a configuration change from being the person who implements the change is an example of which of the following? A. Rotation of duties B. Least privilege C. Segregation...
-
A onedimensional heat conduction problem can be expressed by the following differential equation: where \(k\) is the thermal conductivity, \(T(x)\) is the temperature, and \(Q\) is heat generated per...
-
Consider a simply supported beam of length \(L\) subjected to a uniformly distributed transverse load \(p(x)=p_{0}\). Use the Rayleigh-Ritz method to determine the transverse deflection \(v(x)\) of...
Study smarter with the SolutionInn App