Record the effects of the above information on the accounts. Cost of portfolio o

Question

Record the effects of the above information on the accounts.

   

   

   

Cost of portfolio of long-term investments

$  

Year-end market value of long-term investments

  

Unrealized loss

$  

Current balance of Unrealized Loss account

  

Adjustment

$  

Determine the ending balances.
$

Record the effects of the above information on the accounts.

   

   

   

Cost of portfolio of long-term investments

$  

Year-end market value of long-term investments

  

Unrealized loss

$  

Current balance of Unrealized Loss account

  

Adjustment

$  

D CengageBrain-My Home X/ /CengageNow I Online te e Problem A-3 Long-Term -C Deast.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do ome × Problem A-3 Long-Term Investments Fulco Corporation has the following portfolio of long-term available-for-sale securities at year-end, December 31, 2014: Company Percentage of Voting Cost Year-end A Corporation B Corporation C Corporation Total Stock Held 4% 12% 5% $80,000 375,000 30,000 $485,000 Market Value $95,000 275,000 55,000 $425,000 Both the Unrealized Loss on Long-Term Investments account and the Allowance to Adjust Long-Term Investments to Market account currently have a balance of $40,000 from the last accounting period Prepare T accounts with a beginning balance for each of these accounts Unrealized Loss on Long-Term Investments Beg. Bal Dec. 31 End. Bal Allowance to Adjust Long-Term Investments to Market Beg. Bal Dec. 31 End. Bal I'm Cortana. Ask me anything 8:58 PM 5/27/2016

Explanation / Answer

Unrealized loss on Long-Term Investments $ $ Beg. Balance 40000 Adjust -A corporation 15,000 Adjust -B corporation 1,00,000 ($ 95,000-$ 80,000) ($ 375,000-$ 275,000) Adjust -C corporation 25,000 ($ 55,000-$ 30,000) End . Balance 1,00,000 140000 140000 Allowance to adjust Long-Term Investments to Market $ $ Adjust -A corporation 15,000 Beg. Balance 40000 ($ 95,000-$ 80,000) Adjust -B corporation 1,00,000 Adjust -C corporation 25,000 ($ 375,000-$ 275,000) ($ 55,000-$ 30,000) End . Balance 1,00,000 1,40,000 1,40,000

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