culate the amount of unrealized gain or loss reported in the stockholders' equity section of Charter's financial statementsat December 31, year 1.b. Prepare journal entries to record the transactions on April 10 and August 7.c-1. Prior to making a mark-to-market adjustment at the end of year 2, determine the unadjusted balance in the MarketableSecurities control account.c-2 Prior to making a mark-to-market adjustment at the end of year 2, determine the Unrealized Holding Gain (or Loss) onInvestments account.d. Prepare a schedule showing the cost and the market values of securities owned at the end of year 2.e. Prepare the fair value adjusting entry required at December 31, year 2.f-1. Calculate the amount of marketable securities in the financial statements at December 31, year 2.f-2. Calculate the amount of unrealized holding gain (or loss) in the financial statements at December 31, year 2.g. Illustrate the presentation of the net realized gains (or losses) in the year 2 income statement. Assume a multiple-step incomestatement and show the caption identifying the section in which this amount would appear.2WComplete this question by entering your answers in the tabs below.Req A1F3#G3EReq A2F4$Req B8RF5Q%5oReq C1< PrevF6TA63Req C2F7Y3 of 38&7RADFBwwwUPE*Req E8NextFOprt scF101(9Req F1homeOReq F2endPReq G+3=3:54 PM9/17/2022nber ducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253AseciQuestion 3 - Ch 7 h/w - mkt sec - Connectcompanies.SavedL Brands, Inc. (5,000 shares: cost, $44 per share; market value, $52)The Gap, Inc. (4,000 shares: cost, $42 per share; market value, $39)52Fnewcon...Cost$ 220,000168,000$ 388,000HelpCurrentMarketValue$ 260,000156,000$ 416,000SeIn year 2, Charter engaged in the following two transactions.Apr.10 Sold 1,000 shares of its investment in L Brands, Inc., at a price of $58 per share, less a brokerage commiss$100.Aug. 7 Sold 2,000 shares of its investment in The Gap, Inc., at a price of $37 per share, less a brokerage commissio$150.At December 31, year 2, the market values of these stocks were: L Brands, Inc., $67 per share; and The Gap, Inc., $37 peRequired:a-1. Calculate the amount of marketable securities reported in the asset section of Charter's financial statements at Decemyear 1.a-2. Calculate the amount of unrealized gain or loss reported in the stockholders' equity section of Charter's financial statemat December 31, year 1.b. Prepare journal entries to record the transactions on April 10 and August 7.c-1. Prior to making a mark-to-market adjustment at the end of year 2, determine the unadjusted balance in the Marketable

Unrealised gain refers to the concept when there is an increase in the current value of an asset…

making a mark-to-market control account. and at the end of year. adjustment making a mark-to-market adjustment at the end of year 2 ts account. = a schedule showing the cost and the market values of sec e the fair value adjusting entry required at December 31, yea ate the amount of marketable securities in the financial stat- alate the amount of unrealized holding gain (or loss) in the fir te the presentation of the net realized gains (or losses) in the nt and show the caption identifying the section in which this a

making a mark-to-market control account. and at the end of year. adjustment making a mark-to-market adjustment at the end of year 2 ts account. = a schedule showing the cost and the market values of sec e the fair value adjusting entry required at December 31, yea ate the amount of marketable securities in the financial stat- alate the amount of unrealized holding gain (or loss) in the fir te the presentation of the net realized gains (or losses) in the nt and show the caption identifying the section in which this a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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NOWV2 |Online teachir X A Login Irn/takeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogre.. pok Show Me How 41,000 asury Stock Balance Sheet Stockholders' Equity raid-in capital: Common Stock, $30 Par (80,000 Shares Authorized, 48,000 Shares Issued) 1,440,000 480,000 Excess of Issue Price Over Par 1,920,000 Paid-in capital, common stock 72,000 From Sale of Treasury Stock 1,992,000 Total paid-fn capital Retained Earnings 677,000 Total 41,000 Treasury Stock Total stockholders' equity Feedback Check My Work Recall that paid-in capital reflects the total amount that has been paid into the business by the stockholders for ownership in the corporation. Previous Check My Work 52°F Sunny
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