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  • Information Related To Jones Company S Portfolio of Trading Securities at

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    Jones Company's portfolio of trading securities had an aggregate cost of $340,000 at December 31, 2017. The portfolio had unrealized gains of $8,000 and unrealized losses of $52,000. Jones had previously reported a $10,000 credit balance for the fair value adjustment of trading securities in 2016. The 2017 unrealized loss on the portfolio is $44,000, which Jones would record as a debit to the fair value adjustment account.

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    Jones Company's portfolio of trading securities had an aggregate cost of $340,000 at December 31, 2017. The portfolio had unrealized gains of $8,000 and unrealized losses of $52,000. Jones had previously reported a $10,000 credit balance for the fair value adjustment of trading securities in 2016. The 2017 unrealized loss on the portfolio is $44,000, which Jones would record as a debit to the fair value adjustment account.

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    Information Related To Jones Company S Portfolio of Trading Securities at

    Uploaded by

    trilocksp Singh
    Jones Company's portfolio of trading securities had an aggregate cost of $340,000 at December 31, 2017. The portfolio had unrealized gains of $8,000 and unrealized losses of $52,000. Jones had previously reported a $10,000 credit balance for the fair value adjustment of trading securities in 2016. The 2017 unrealized loss on the portfolio is $44,000, which Jones would record as a debit to the fair value adjustment account.

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    © All Rights Reserved
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    Information related to Jones Company s portfolio of trading

    securities at
    Information related to Jones Company s portfolio of trading securities at

    Information related to Jones Company's portfolio of trading securities at December 31, 2017,
    follows:
    Aggregate cost of securities.........................$340,000
    Gross unrealized gains (cumulative)....................8,000
    Gross unrealized losses (cumulative)..................52,000
    Jones reported a $10,000 credit balance in its Fair value adjustment-Trading securities account
    in its December 31, 2016 (prior year), balance sheet. Assume that it sold no trading securities
    during 2016 or 2017.
    Required:
    1. How much should Jones report as unrealized gain or loss on its 2017 income statement?
    2. Prepare the journal entry that Jones would make to record the 2017 fair value adjustment to
    its trading portfolio.

    Information related to Jones Company s portfolio of trading securities at


    SOLUTION-- http://solutiondone.online/downloads/information-related-to-jones-company-s-
    portfolio-of-trading-securities-at/

    Unlock answers here solutiondone.online

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