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 06 Aug 2017 My Price 7.00

Wenger, Inc

(Available-for-Sale Securities Entries and Financial Statement Presentation) At December 31, 2012, the available-for-sale equity portfolio for Wenger, Inc. is as follows.

Security

Cost

Fair Value

Unrealized Gain (Loss)

A

$17,500

$15,000

($2,500)

B

12,500

14,000

1,500

C

23,000

25,500

2,500

Total

$53,000

$54,500

1,500

Previous fair value adjustment balance—Dr.

    

200

Fair value adjustment—Dr.

    

$1,300

On January 20, 2013, Wenger, Inc. sold security A for $15,300. The sale proceeds are net of brokerage fees.

Instructions

(a) Prepare the adjusting entry at December 31, 2012, to report the portfolio at fair value.

(b) Show the balance sheet presentation of the investment related accounts at December 31, 2012.

(c) Prepare the journal entry for the 2013 sale of security A.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 09:08 AM My Price 7.00

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