Rand

Co$.$ bought

$3$ comma $4003,400$

StockholmStockholm

shares at

$ $36$$$36$;

$660660$

LondonLondon

shares at

$ $47\mathrm{.}50$$$47\mathrm{.}50$;

and

$1$ comma $2001,200$

GlasgowGlasgow

shares at

$ $75$$$75$long dash$$all

as$$ available$-$for$-$sale investments. At

December $31$December$31,$

$$Hoover$\text{'}$s Online reports

StockholmStockholm

shares at

$ $27\mathrm{.}375$$$27\mathrm{.}375,$

LondonLondon

at

$ $49\mathrm{.}25$$$49\mathrm{.}25,$

and

GlasgowGlasgow

at

$ $67\mathrm{.}75$$$67\mathrm{.}75.$

Requirements

$1.$

Determine the cost and the fair market value of the$$ long$-$term investment portfolio at

December $31$December$31.$

$2.$

Record

RandRand$\text{'}$s

adjusting entry at

December $31$December$31.$

$3.$

What would

RandRand

report on its income statement and balance sheet for the information$$ given? Make the necessary disclosures. Ignore income tax.

Question content area bottom

Part $1$

Requirement $1.$ Determine the cost and the fair market value of the$$ long$-$term investment portfolio at

December $31$December$31.$

Number

Cost

Fair market value

Total

Shares

of shares

$$

per share

Total cost

$$

per share

fair market value

Stockholm

$$

$$

$$

$$

$$

London

$$

$$

$$

$$

$$

Glasgow

$$

$$

$$

$$

$$

Totals

$$

$$