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  • Last Unguaranteed Financial Inc Purchased The Following Trading Securities During

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    Miroslav Gegoski
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    Last Unguaranteed Financial Inc. purchased various trading securities in 2016 including shares in Arden Enterprises, French Broad Industries, and Pisgah Construction for a total of $320,000. At the end of 2016, the market value of the securities portfolio was higher than cost. The journal entry to adjust the portfolio to fair value on December 31, 2016 would increase the value of the securities and a corresponding gain. If market prices remained the same on December 31, 2017, the same journal entry would be made to adjust the portfolio to fair value for that year.

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    Last Unguaranteed Financial Inc Purchased the Following Trading Securities During

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    Last Unguaranteed Financial Inc Purchased the Following Trading Securities During

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    Last Unguaranteed Financial Inc. purchased various trading securities in 2016 including shares in Arden Enterprises, French Broad Industries, and Pisgah Construction for a total of $320,000. At the end of 2016, the market value of the securities portfolio was higher than cost. The journal entry to adjust the portfolio to fair value on December 31, 2016 would increase the value of the securities and a corresponding gain. If market prices remained the same on December 31, 2017, the same journal entry would be made to adjust the portfolio to fair value for that year.

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    © All Rights Reserved
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    17 views1 page

    Last Unguaranteed Financial Inc Purchased The Following Trading Securities During

    Uploaded by

    Miroslav Gegoski
    Last Unguaranteed Financial Inc. purchased various trading securities in 2016 including shares in Arden Enterprises, French Broad Industries, and Pisgah Construction for a total of $320,000. At the end of 2016, the market value of the securities portfolio was higher than cost. The journal entry to adjust the portfolio to fair value on December 31, 2016 would increase the value of the securities and a corresponding gain. If market prices remained the same on December 31, 2017, the same journal entry would be made to adjust the portfolio to fair value for that year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Last Unguaranteed Financial Inc purchased the following

    trading securities during #8178


    Last Unguaranteed Financial Inc. purchased the following trading securities during 2016, its first
    year of operations: Name _________________________ Number of Shares____________
    CostArden Enterprises Inc. ...............................5,000.....................$150,000French Broad
    Industries Inc.........................2,750.........................66,000Pisgah Construction Inc.......................
    .......1,600.......................104,000Total.................................................................................$320,0
    00The market price per share for the trading security portfolio on December 31, 2016, was as
    follows:Market Price per Share,Dec. 31, 2016Arden Enterprises
    Inc..............................$34French Broad Industries Inc. .......................26Pisgah Construction
    Inc. ...........................60a. Provide the journal entry to adjust the trading security portfolio to fair
    value on December 31, 2016.b. Assume the market prices of the portfolio were the same on
    December 31, 2017, as they were on December 31, 2016. What would be the journal entry to
    adjust the portfolio to fair value?View Solution:
    Last Unguaranteed Financial Inc purchased the following trading securities during

    ANSWER
    http://paperinstant.com/downloads/last-unguaranteed-financial-inc-purchased-the-following-
    trading-securities-during/

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