Prepare the investment section of a classified balance sheet given the following account balances on December 31,
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Question:
Prepare the investment section of a classified balance sheet given the following account balances on December 31, 2020.
Bond sinking fund | $300,000 |
Debt investments (expected to be held to maturity in 2025) | 135,000 |
Land (in use) | 120,000 |
Land held for speculation | 75,000 |
Prepaid insurance (for January 2021 coverage paid in advance) | 15,000 |
Note Enter investments in the order of the largest dollar amount to the smallest dollar amount.
Investment Section As of December 31, 2020 | |
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Answer Bond sinking fund/Debt investments and (in use)/Land held for speculation/Prepaid insurance | Answer |
Answer Bond sinking fund/Debt investments and (in use)/Land held for speculation/Prepaid insurance | Answer |
Answer Bond sinking fund/Debt investmentsLand (in use)/Land held for speculation/Prepaid insurance | Answer |
Total investments | Answer |
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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