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11Alexandr11 [23.1K]
2 years ago
7

On January 1, 2018, Brian Company purchased at par $831,000, 6 percent bonds issued by Laura Company to be held as available-for

-sale securities. At December 31, 2018, the bonds had a fair value of $804,600. The bond investment was sold on July 1, 2019, for $834,400. Brian Company’s fiscal year ends on December 31. Using the following categories, indicate the effects of the transactions listed above, assuming the securities are available-for-sale.
Business
1 answer:
Leno4ka [110]2 years ago
3 0

Answer:

THE TRANSACTION DATE : December 31, 2018.

TRANSACTION: Record the trading securities at fair value.

ASSETS: - 26,400

LIABILITIES:

STAKEHOLDERS' EQUITY: -26,400

REVENUE/GAINS:

EXPENSES/LOSSES: $26,400

NET INCOME: - 26,400

THE TRANSACTION DATE : July 1, 2019.

TRANSACTION: Adjust to fair value.

ASSETS: $29,800

LIABILITIES:

STAKEHOLDERS' EQUITY: $29,800

REVENUE/GAINS: $29,800

EXPENSES/LOSSES:

NET INCOME: $29,800

RECORD THE SALE OF TRADING SECURITIES(ASSETS) = $0.

Explanation:

So, anything dealing with trading securities has to do with trading in which securities are held down for a period of time and then later the securities will be sold.

So, here are the categories for the transactions listed in the question above, assuming the securities are available-for-sale.

THE TRANSACTION DATE : December 31, 2018.

TRANSACTION: Record the trading securities at fair value.

ASSETS: - 26,400

LIABILITIES:

STAKEHOLDERS' EQUITY: -26,400

REVENUE/GAINS:

EXPENSES/LOSSES: $26,400

NET INCOME: - 26,400

THE TRANSACTION DATE : July 1, 2019.

TRANSACTION: Adjust to fair value.

ASSETS: $29,800

LIABILITIES:

STAKEHOLDERS' EQUITY: $29,800

REVENUE/GAINS: $29,800

EXPENSES/LOSSES:

NET INCOME: $29,800

RECORD THE SALE OF TRADING SECURITIES(ASSETS) = $0.

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