Business, 24.04.2020 20:01 zachzach28280

Guthrie Corporation reports accounts receivable at a net realizable value of $2,940,000 (gross receivable of $3,000,000 minus allowance for uncollectible accounts of $60,000). Assume that there is an active market for these types of receivables and that the price is 94% of face value. To adjust the receivable's carrying value to fair value, Guthrie would make which of the following entries

A.
DR Unrealized loss on receivables $180,000
CR Fair value adjustment--accounts receivable $180,000

B.
DR Unrealized loss on receivables $120,000
CR Fair value adjustment--accounts receivable $120,000

C.
DR Realized loss on receivables $180,000
CR Accounts receivable $180,000

D.
DR Realized loss on receivables $120,000
CR Accounts receivable $120,000

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Guthrie Corporation reports accounts receivable at a net realizable value of $2,940,000 (gross recei...

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