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E C Chegg Study | Guide C Chegg Study | GuideCengage Course Schedule - ACengageNOWv2 Start (--) 0 ? ? v2.cengagenow.com/ilm/takeAssignmenttakeAssignmentMain.do?invoker-assignments&ta; sionLocator-assignment-t Ch 15-3 Exercises and Problems Print Item eBook Calculator Fair Value Journal Entries, Available-for-Sale Investments 1. EX.15-01.ALGO The Investments of Steelers Inc. Include a single Investment: 6,700 shares of Bengals Inc. common stock purchased on September 12, Year 1, for $14 per share including brokerage commission. These shares were classified as available-for-sale securlties. As of the December 31, Year 1, balance sheet date, the share price declined to $11 per share 2. EX.15-07.BLANKSHEET AL... 3. EX.15-10.BLANKSHEET.AL. 4. EX.15-11.ALGO 5. EX. 15-15.BLANKSHEET.AL..?. 6. EX.15-23.ALGO a. Journalize the entries to acquire the investment on September 12 and record the adjustment to fair value on December 31, Year 1 Year 1 Sept. 12 Year 1 Dec. 31 7. EX.15-20.ALGO b. How Is the unrealized galn or loss for avallable-for-sale Investments disclosed on the financlal statements? Unrealized Gain (Loss) on Available-for-Sale Investments is reported in the of the Check My Work 2 more Check My Work uses remaining. Previous Progress: 7/7 items Assignment Score: 26.35% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 3:59 AM Type here to search 3/28/2018 21

Explanation / Answer

Journal Entry

1 Sep Investment A/C Dr 93800

To Bank A/c 938000

(Being Inbestment purchase for Sale)

31 Dec Profit and Loss A/c Dr 20100

To Investment A/c 20100

(Being Investment valued at Fair Market Value)

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