Required information[The following information applies to the questions displayed below.]Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. Theyear-end cost and fair values for its portfolio of these debt investments follow.Trading SecuritiesTesla BondsNike BondsFord BondsView transaction list<Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities.Journal entry worksheet1Record the year-end adjustment to fair value, if any.Note: Enter debits before credits.DateDecember 31Record entryGeneral JournalCost$ 13,80022,4005,600Retained earningsFair value adjustment - AFSClear entryFair Value$ 10,35023,5204,480DebitCreditView general journal>

The difference between fair value of securities and cost of securities is called as unrealized…

Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds ew transaction list are the journal entry to record the December 31 year-end fair value adjustment for these debt securities. Journal entry worksheet < 1 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date December 31 Record entry General Journal Cost $ 13,800 22,400 5,600 Retained earnings Fair value adjustment - AFS Clear entry Fair Value $ 10,350 23,520 4,480 Debit Credit View general journal

Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds ew transaction list are the journal entry to record the December 31 year-end fair value adjustment for these debt securities. Journal entry worksheet < 1 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date December 31 Record entry General Journal Cost $ 13,800 22,400 5,600 Retained earnings Fair value adjustment - AFS Clear entry Fair Value $ 10,350 23,520 4,480 Debit Credit View general journal

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter13: Marketable Securities And Derivatives

Section: Chapter Questions

Problem 24P

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Required information [The following information applies to the questions displayed below] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Trading Securities Tesla Bonds Nike Bonds Ford Bonds View transaction list Cost $ 14,100 22,800 5,700 Journal entry worksheet < 1 Prepare the journal entry to record the December 31 year-end fair value adjustment for these debt securities Fair Value $ 10,575 Record the year-end adjustment to fair value, if any. 23,940 4,560
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Required information [The following information applies to the questions displayed below.] Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments follow. Portfolio of Trading Securities Tesla Bonds Nike Bonds Ford Bonds Cost $15,900 25,200 6,300 Fair Value $11,925 26,460 5,040 Prepare journal entry to record the December 31 year-end fair value adjustment for the debt securities. View transaction list View journal entry worksheet No Date General Journal 1 Dec. 31 Unrealized gain - Income Fair value adjustment - AFS Debit Credit ×