Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 05 Aug 2017 My Price 8.00

Storm, Inc.

Ex 13-22  Fair value journal entries, available-for-sale investments                  ObJ. 3, 4 Storm, Inc. purchased the following available-for-sale securities during 2016, its first year of  operations:

 

Name

Number of Shares

Cost

Dust Devil, Inc.

1,900

$  81,700

Gale Co.

850

68,000

Whirlwind Co.

2,850

  114,000

Total

 

$263,700

 

The market price per share for the available-for-sale security portfolio on December 31, 2016,  was  as follows:

 

Market Price per Share, Dec. 31, 2016

 

Dust Devil, Inc.                                                                              $40

Gale Co.                                                                                                 75

Whirlwind Co.                                                                                   42

 

a.     Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, 2016.

b.    Describe the income statement impact from the December 31, 2016, journal entry.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 8.00

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