Business, 06.03.2020 18:00 niescarlosj

Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 2018, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2017, and all are considered securities available-for-sale.

Cost Fair Value Unrealized Holding
Gain (Loss)
Short term:
Blair, Inc. $ 486,000 $ 402,000 $ (84,000 )
ANC Corporation 453,000 486,000 33,000
Totals $ 939,000 $ 888,000 $ (51,000 )
Long term:
Drake Corporation $ 486,000 $ 563,000 $ 77,000
Aaron Industries 717,000 663,000 (54,000 )
Totals $ 1,203,000 $ 1,226,000 $ 23,000

Required:
1. Prepare appropriate adjusting entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. What amounts would be reported in the income statement at December 31, 2018, as a result of these adjusting entries?

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 14:30

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided

Answers: 1

Answer

Business, 22.06.2019 15:00

Which of the following characteristics are emphasized in the accounting for state and local government entities? i. revenues should be matched with expenditures to measure success or failure of the government entity. ii. there is an emphasis on expendability of resources to accomplish objectives. a. i only b. ii only c. i and ii d. neither i nor ii

Answers: 2

Answer

Business, 22.06.2019 20:50

Stormie zanzibar owns a bakery in the fictitious country of olombia. each month the government’s market ministry mails her a large list of the regulated price of goods which include products like bread, muffins and flat bread. the list also dictates the types of goods she can sell at the bakery and what she is to charge. because of the regulations placed on these goods, stormie has increased her production of sweets, pies, cakes, croissants and buns and decreased her supply of breads, muffins and flat bread. she has taken these steps because the sweet goods’ prices are not government controlled. stormie zanzibar lives under what type of economy?

Answers: 3

Answer

Business, 22.06.2019 23:00

The five steps to financial success a. five money myths b. five foundations

Answers: 1

Answer

You know the right answer?

Loreal-American Corporation purchased several marketable securities during 2018. At December 31, 201...

Questions