Maurice Tutor

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Category > Accounting Posted 31 Jul 2017 My Price 8.00

Marsh Company

On December 31, 2006 Marsh Company held 1,000 shares of X Company common stock in its portfolio of long-term investments in available-for-sale securities. The stock had cost $15 per share and has a current market value of $13 per share. The December 31, 2006 balance sheet showed the following:
Assets
Long-term investment in available-for-sale securities ….. $15,000
Less: Allowance for change in value of investment ……… (2,000)
$13,000
Stockholders’ Equity
Unrealized decrease in value of available-for-sale securities $ … (2,000)
During 2007 the company acquired as long-term investments 900 shares of Y Company common stock for $18 per share and 800 shares of Z Company common stock for $22 per share. At the end of 2007 the respective market values per share were:
X—$14, Y—$17, and Z—$20.

Required
Record the purchase of the investments in 2007 and the adjusting entry on December 31, 2007, and show the respective December 31, 2007 balance sheet accounts

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Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 06:07 PM My Price 8.00

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