Please help, what are the answers to this problem? Please and thank you. ?Online
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Question
Please help, what are the answers to this problem? Please and thank you.
?Online Courses Anytim?y. CengageNOiw2lOnline please Helo, what Are TI, × x > ? ? Secure https:// 2 cengagenow.com/rn/takeAssignment/takeAssignment ain donn oker-assignments8 takeAssignmentSessionLoca e ? ?? 0 ? ::: Apps D Wireless Router Ar Cloud Cam Uderry O MindMeiser lsk University of South Self Learn-gArime Anime a Amazon O You lube Other buokmarks Chapter 15 Homework eBook Fair Value Journal Entries, Available-for-Sale Investments 1. EX.15-03.ALGO 2. EX.15-05.ALGO 3. EX.15-15.ALGO 4. EX.15-20.ALGO The investments of Steelers Inc. include a single investment: 12,300 shares of Bengals Inc. common stock purchased on September 12, Year 1, for $9 per share including brokerage commission. These shares were classified as available-for-sale securities. As of the December 31, Year 1, balance sheet date, the share price declined to $7 per share a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, Year 1 5. EX.15-10.ALGO Year 1 Sept. 12 Year 1 Dec. 31 b. How is the unrealized gain or loss for available-for-sale investments disclosed on the financial statements? Unrealized Gain (Loss) on Available-for-Sale Investments is reported in the of th Type here to search 4:?8 PM 6/172018Explanation / Answer
Journal entry :
b) Unrealized gain (loss) on available for sale investments is reported in the Stockholder's equity section of the balance sheet
Date account & explanation debit credit Year 1 sep 12 Available for sale securities (12300*9) 110700 Cash 110700 (To record securities purchased) Year 1 dec 31 Unrealized holding loss (12300*2) 24600 Available for sale securities 24600 (To record adjustment)