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Thepotemich [5.8K]
3 years ago
11

At December 31, 2017, the available-for-sale debt portfolio for Carla, Inc. is as follows. Security Cost Fair Value Unrealized G

ain (Loss) A $35,875 $30,750 $(5,125 ) B 25,625 28,700 3,075 C 47,150 52,275 5,125 Total $108,650 $111,725 3,075 Previous fair value adjustment balance—Dr. 820 Fair value adjustment—Dr. $2,255 On January 20, 2018, Carla, Inc. sold security A for $30,955. The sale proceeds are net of brokerage fees. Prepare the adjusting entry at December 31, 2017, to report the portfolio at fair value. Show the balance sheet presentation of the investment-related accounts at December 31, 2017. Prepare the journal entry for the 2018 sale of security A.

Business
1 answer:
skelet666 [1.2K]3 years ago
4 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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