- Required Information The Following Infomation Applies To The Questions Displayed Below Brooks Company Purchases Debt Inv 1 (221.61 KiB) Viewed 97 times
- Required Information The Following Infomation Applies To The Questions Displayed Below Brooks Company Purchases Debt Inv 2 (218.95 KiB) Viewed 97 times
- Required Information The Following Infomation Applies To The Questions Displayed Below Brooks Company Purchases Debt Inv 3 (200.58 KiB) Viewed 97 times
Required Information [The following information applies to the questions displayed below.] Brooks Company purchases debt investments as trading securities at a cost of $58,000 on December 27. This is its first and only purchase of such securities! At December 31, these securities had a fair value of $78.000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $29,000) for $34.000 cash. Complete this question by entering your answers in the tabs below. Reg 1 Rea 2 and 3 Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $29.000) for $34,000 cash. View transaction list Journal entry worksheet > 1 2 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits Debit Credit General Journal Date December 31 View general journal Clear entry Record entry
Required Information (The following information applies to the questions displayed below.j Brooks Company purchases debt investments as trading securities at a cost of $58,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $78,000. 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities portfolia and the January 3 entry when Brooks sells a portion of its trading securities (costing $29,000) for $34.000 cash. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 when Brooks Prepare the December 31 year-end fair value adjusting entry for the trading securities portfolio and the January 3 sells a portion of its trading securities (costing $29.000) for $34,000 cash. View transaction list Journal entry worksheet > < 1 2. Record sale of trading securities. Note: Enter debits before credits. Debit Credit Date General Journal January 03 View general journal Clear entry Record entry