Show the statement presentation at December 31, 2027, after adjustment to fair value. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sunland, Inc. Balance Sheet (Partial) December 31, 2027 Current Assets Sunland, Inc. Comprehensive Income Statement For the Year Ended December 31, 2027 +A $ $ At December 31, 2027, available-for-sale debt securities for Sunland, Inc. are as follows. The securities are considered to be a long- term investment. Security Cost Fair Value A $17,200 $16,500 B 12,000 13,700 C 23,500 19,000 $52,700 $49,200

Show the statement presentation at December 31, 2027, after adjustment to fair value. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sunland, Inc. Balance Sheet (Partial) December 31, 2027 Current Assets Sunland, Inc. Comprehensive Income Statement For the Year Ended December 31, 2027 +A $ $ At December 31, 2027, available-for-sale debt securities for Sunland, Inc. are as follows. The securities are considered to be a long- term investment. Security Cost Fair Value A $17,200 $16,500 B 12,000 13,700 C 23,500 19,000 $52,700 $49,200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are considered to be a long-term investment. Security (a) A B C Total Cost $16,985 12,930 21,760 $51,675 Fair Value $16.030 15,179 18,160 $49,369 Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit
At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Security. Cost. Fair Value A $17,500 16,000 B 12,500 14,000 C 23,000 21,000 53,000 51,000 A. Prepare the adjusting entry at December 31, 2022 to report the securities at fair value. B- Show the statement presentation at December 31,2022, after adjustment to fair value. C- E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.
Prepare adjusting entry to record fair value, and indicate statement presentation. E16.11 (LO 3), AP Financial Statement Writing At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment. Fair Value $16,000 14,000 21,000 $51,000 Security A B с Cost $17,500 12,500 23,000 $53,000 Instructions a. Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. b. Show the statement presentation at December 31, 2022, after adjustment to fair value. c. E. Kretsinger, a member of the board of directors, does not understand the reporting of the unreal- ized gains or losses. Write a letter to Ms. Kretsinger explaining the reporting and the purposes that it serves.
Metlock Corporation has the following trading portfolio of debt investments as of December 31, 2020. Security Cost A $16,340 B 18,920 C (a) 29,240 $64,500 (b) Fair Value $12,900 On January 22, 2021, Metlock Corporation sold security C for $27,520. List of Accounts 23,220 Prepare the adjusting entry for Metlock Corporation on December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Save for Later 24,940 $61,060 eTextbook and Media Date Account Titles and Explanation Dec. 31 METLOCK CORPORATION Balance Sheet (Partial) METLOCK CORPORATION Income Statement (Partial) Debit Indicate the balance sheet and income statement presentation of the fair value data for Metlock Corporation at December 31, 2020. $ Credit Attempts: unlimited Submit Answer
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1, 2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securities that is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be held until their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costing P29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, and treasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bond retirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds…
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1,2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securitiesthat is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be helduntil their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costingP29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, andtreasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bondretirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds payable…
Question: Akers Company invests its excess cash in marketable securities. At the beginning of 2019, it had the following portfolio of investments in trading debt securities: SecurityPar ValueAmortized Cost12/31/18 Fair ValueIvan Company 5% bonds, maturing on Dec. 31, 2028$10,000$8,400$9,400Taylor Company 6% bonds, maturing on Dec. 31, 2023$40,000$43,200$41,800Totals$51,600$51,200During 2019, the following transactions occurred: Mar. 31Purchased Hill Company 8% bonds with a face value of $20,000 for $20,000 plus accrued interest; interest is payable on the bonds each June 30 and December 31.Mar. 31Sold the Taylor Company investment for $42,000 plus accrued interest. The Taylor bonds pay interest on December 31 of each year.June 30Received the semiannual interest on the Hill Company bonds.Dec. 31Received the annual interest on the Ivan Company bonds and the semiannual interest on the Hill Company bonds.The December 31 closing market prices were as follows: Ivan Company bonds, $9,000;…
At December 31, 2020, the investments in the portfolio of the trading securities of Kennedy Company included the following.SecurityPurchaseDateOriginalPurchase PriceAtlanta Corp. bonds, 5%, $40,000Oct. 1, 2020$40,000Dallas Inc. bonds, 4%, $20,000Jul. 1, 202020,000e. Record the entry to sell the Atlanta Corp. bonds on January 2, 2021, for $45,000.Note: List multiple debits or credits (when applicable) in alphabetical order.f. Record the entry to sell the Dallas Inc. bonds on January 3, 2021, for $17,800.g. Adjust the Fair Value Adjustment account on December 31, 2021.Determine the investment related impact on net income in 2020 and 2021.
On January 1, 2019, Alpha Inc purchased $500,000, 9% bonds issued by Beta Corp. The bonds have a maturity date of December 31, 2024. The market interest rate on January 1, 2019 was 10%. If Alpha Inc accounts for this investment under the FVOCI model, what is the amount at which the Investment in Beta Corp. Bonds will be reported on the statement of financial position at December 31, 2021, given that the current market interest rate is 9.5%? $490,401 $481,046 $487,566 $493,728
On December 31, 2020, Alberta Inc. purchased $500,000, 10% bonds issued by Banff Ltd. The bonds have a maturity date of December 31, 2026. The market interest rate on December 31, 2020 was 9.5%. If Alberta Inc. accounts for this investment under the amortized cost model, what is the amount at which the Investment in Banff Ltd. Bonds will be reported on the statement of financial position at December 31, 2021, given that the current market interest rate is 9%? $519,448 $509,599 $511,050 $490,523