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stellarik [79]
3 years ago
11

Valuing Trading Securities at Fair Value On January 1, Valuation Allowance for Trading Investments had a zero balance. On Decemb

er 31, the cost of the trading securities portfolio was $41,500, and the fair value was $46,300. Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments.
Business
1 answer:
Artist 52 [7]3 years ago
6 0

Answer:

Dr. Trading securities                                    $4,800  

Cr. Unrealized gain on trading securities    $4,800

Explanation:

Trading securities are recorded reported on the fair market value. The gain or loss arise from the increase or decrease in the value of trading securities. There is a gain if the price of trading security increases and loss when the price of the trading security decreases. Unrealized gains are reported in the separate section of stockholders equity.

Gain on Trading securities = Fair value of security portfolio - Cost of security portfolio = $46,300 - $41,500 = $4,800  

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A wool​ suit, discounted by 60 % for a clearance​ sale, has a price tag of $ 620. What was the​ suit's original​ price?
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2 years ago
On January 1, 2018, Chamberlain Corporation pays $550,000 for an 80% ownership in Neville. Annual excess fair-value amortization
german

Answer:

The question is missing the options, which are contained in the attached question.

The consolidated net income attributable to the non-controlling interest i $30,000.00 with option D as the correct answer as found in the attached

Explanation:

Neville's net income for the year                   $175,000.00

less annual excess fair value amortization    ($25,000.00)

Net income after excess fair amortization      $150,000.00

Chamberlain's share of net income

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Non-controlling interest share of net income  $30,000.00

Note that the non-controlling interest is a balancing figure.

Chamberlain consolidated income can be computed thus:

Chamberlain 100%   net income   $380,000.00

Plus share of Neville's net income <u>$120,000.00</u>

Consolidated net income                 <u>$500000.00</u>

Download docx
3 0
2 years ago
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