Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 Aug 2017 My Price 8.00

Hurricane Inc

Ex 13-21  Fair value journal entries, available-for-sale investments                  ObJ. 3, 4 Hurricane Inc. purchased a portfolio of available-for-sale securities in 2016, its first year of operations. The cost and fair value of this portfolio on December 31, 2016, was as follows:

 

Name

Number of Shares

Total Cost

Total Fair Value

Tornado Inc.

800

$14,000

$15,600

Tsunami Corp.

1,250

31,250

35,000

Typhoon Corp.

2,140

43,870

42,800

Total

 

$89,120

$93,400

 

On June 12, 2017, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per share plus a $100 brokerage   commission.

a.     Provide the journal entries to record the following:

1.    The adjustment of the available-for-sale security portfolio to fair value on December 31, 2016.

2.    The June 12, 2017, purchase of Rogue Wave Inc. stock.

b.    How are unrealized gains and losses treated differently for available-for-sale securities than for trading securities?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 8.00

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