2. At what amount should the following long-term available-for-sale investment p

Question

2. At what amount should the following long-term available-for-sale investment portfolio be reported on the December 31 balance sheet? All the investments are less than 5% of the investee's stock. Journalize any adjusting entry required by these data. The amount at which the long-term available-for-sale investment portfolio should be reported on the December 31 balance sheet is S Now journalize any adjusting entry required by these data. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select No entry required on the first Accounts and Explanation line and leave the remaining cells blank. Abbreviation used: AFSS available for sale security.) Journal Entry Date Accounts and Explanation Debit Credit Dec 31

Explanation / Answer

Date Accounts and Titles Debit Credit Dec.31 Long-Term Investments—AFS Tallman $4,000.00 Long-Term Investments—AFS Gambrell $62,900.00 Long-Term Investments—AFS Warnock $4,160.00                           Cash $71,060.00 AFS are recorded at Fair value on the Balance sheet $70,710.00 other comprehensive gain/(loss) will be shown under shareholder equity -$350.00

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