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    Polytechnic State University Sanluis
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Category > Accounting Posted 06 May 2017 My Price 12.00

Prepare the journal entry for the 2007 sale of security A.

 

At December 31, 2006, the available-for-sale equity portfolio for Steffi Graf, 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 securities fair value adjustment balance—Dr. 400

 

 

Securities fair value adjustment—Dr. 1,100

 

 

On January 20, 2007, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of brokerage fees.

 

 

Instructions

 

 

(a) Prepare the adjusting entry at December 31, 2006 to report the portfolio at FMV.

 

 

(b) Show the balance sheet presentation of the investment related accounts at December 31, 2006. (Ignore notes presentation.)

 

 

(c) Prepare the journal entry for the 2007 sale of security A.

 

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 06 May 2017 11:05 AM My Price 12.00

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Attachments

file 1494071062-Answer.docx preview (157 words )
M-----------ay -----------05 -----------201-----------7 0-----------5:3-----------6 P-----------M -----------At -----------Dec-----------emb-----------er -----------31,----------- 20-----------06,----------- th-----------e a-----------vai-----------lab-----------le------------for------------sa-----------le -----------equ-----------ity----------- po-----------rtf-----------oli-----------o f-----------or -----------Ste-----------ffi----------- Gr-----------af,----------- In-----------c. -----------is -----------as -----------fol-----------low-----------s. ----------- Se-----------cur-----------ity----------- Co-----------st -----------Fai-----------r V-----------alu-----------e U-----------nre-----------ali-----------zed----------- Ga-----------in -----------(Lo-----------ss)----------- A----------- 17-----------,50-----------0 1-----------5,0-----------00 -----------(2,-----------500-----------) -----------B 1-----------2,5-----------00 -----------14,-----------000----------- 1,-----------500----------- C----------- 23-----------,00-----------0 2-----------5,5-----------00 -----------2,5-----------00 ----------- To-----------tal----------- 53-----------,00-----------0 5-----------4,5-----------00 -----------1,5-----------00 ----------- Pr-----------evi-----------ous----------- se-----------cur-----------iti-----------es -----------fai-----------r v-----------alu-----------e a-----------dju-----------stm-----------ent----------- ba-----------lan-----------ceâ-----------€”D-----------r. -----------400----------- S-----------ecu-----------rit-----------ies----------- fa-----------ir -----------val-----------ue -----------adj-----------ust-----------men-----------tâ€-----------”Dr-----------. 1-----------,10-----------0 -----------On -----------Jan-----------uar-----------y 2-----------0, -----------200-----------7, -----------Ste-----------ffi----------- Gr-----------af,----------- In-----------c. -----------sol-----------d s-----------ecu-----------rit-----------y A-----------
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