Acc557 Financial Accounting: E13-12 McGee Company has the following data at December 31

Acc557 Financial Accounting



E13-12

McGee Company has the following data at December 31, 2008.

Securities Cost Fair Value

Trading 120,000 124,000

Available-for-sale 100,000 94,000



The available-for-sale securities are held as a long-term investment.



Instructions:

a. Prepare the adjusting entries to report each class of securities at fair value.

b. Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts. (If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45).)
Powered by