16 - Class Exercises - ACC212 NVCC - Annandale Mitchell...

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ACC212 NVCC - Annandale Mitchell Chapter 16 - Class Exercises 1) At December 31, 2009, the trading securities for Harrison, Inc. are as follows: Security Cost Fair Value Bulldawg 22,000 $ 25,000 $ Gator 10,000 5,000 Tiger 15,000 10,000 47,000 40,000 a) Prepare the adjusting entry at December 31, 2009 to report the securities at fair value. $ $ b) Below is a partial set of financial statements. Show the statement presentation at December 31, 2009 after adjustment to fair value. Balance Sheet Income Statement
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2) E16-1B Pumpkin Corporation had the following transactions pertaining to debt investments. Jan. 1 Jul. 1 Received semiannual interest on Ghost Co. Bonds. Jul. 1 Sold 30 Ghost Co. bonds for $34,000 less $500 brokerage fees. Instructions: a) Journalize the transactions. b) Prepare the adjusting entry for the accrual of interest at December 31. 3) E16-3 Boo Company had the following transactions pertaining to stock investments. Feb. 1
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16 - Class Exercises - ACC212 NVCC - Annandale Mitchell...

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