On December 31, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments...

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On December 31, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. Fair Value General Adjustment Journal Computation of fair value adjustment. Computation of Fair Value Adjustment Unrealized Amount Available-for-Sale Securities Cost Fair Value Nintendo Co. notes $ 69,300 $ 75,537 Atlantic bonds 27,720 25,780 Kellogg Co. notes McDonald's Corp. bonds 49,896 46.902 93,555 88,877 Totals $ 240,471 $ 237,096 < Fair Value Adjustment General Journal > Fair Value Adjustment General Journal Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 On December 31, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period. Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. Complete this question by entering your answers in the tabs below. Fair Value General Adjustment Journal Computation of fair value adjustment. Computation of Fair Value Adjustment Unrealized Amount Available-for-Sale Securities Cost Fair Value Nintendo Co. notes $ 69,300 $ 75,537 Atlantic bonds 27,720 25,780 Kellogg Co. notes McDonald's Corp. bonds 49,896 46.902 93,555 88,877 Totals $ 240,471 $ 237,096 < Fair Value Adjustment General Journal > Fair Value Adjustment General Journal Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

Answer rating: 100% (QA)

Securities Cost Fair Value Unrealized amount Nintendo Co notes 69300 75537 Atl... View the full answer