6 nts eBook Hint Print References Check my work Loreal-American Corporation purchased several marketable securities duri

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6 Nts Ebook Hint Print References Check My Work Loreal American Corporation Purchased Several Marketable Securities Duri 1 (42.53 KiB) Viewed 29 times

6 Nts Ebook Hint Print References Check My Work Loreal American Corporation Purchased Several Marketable Securities Duri 2 (50.87 KiB) Viewed 29 times

6 Nts Ebook Hint Print References Check My Work Loreal American Corporation Purchased Several Marketable Securities Duri 3 (38.07 KiB) Viewed 29 times

6 nts eBook Hint Print References Check my work Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Unrealized Holding Gain (Loss) Cost Fair Value Short term: Blair, Inc. ANC Corporation $504,000 462,000 $393,000 504,000 $(111,000) 42,000 966,000 $ 897,000 $ (69,000) Drake Corporation $ 504,000 $ 572,000 708,000 $1,212,000 672,000 $ 68,000 (36,000) Aaron Industries Totals $1,244,000 $ 32,000 Required: 1. Prepare appropriate adjusting entries at December 31, 2021. 2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry? Complete this question by entering your answers in the tabs below. Totals Long term:
4 1.11 points ellook Print References Check my work Turner Company purchased 20% of the outstanding stock of ICA Company for $10,100,000 on January 2, 2021. Turner elects the fair value option to account for the Investment. During 2021, ICA reports $760,000 of net income and on December 30 pays a dividend of $520,000. On December 31, 2021, the fair value of Tumer's Investment has increased to $11,700,000. Prepare the journal entries in the books of Turner to account for this Investment during 2021. Assume that Turner will account for the Investment using the fair value through net income,approach. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the investment. Note: Enter debits before credits. Debit Date January 02, 2021 General Journal Submit Credit
2 1.11 points eBook Print References Help Save & Exit Submi Check my work S&L Financial buys and sells securities expecting to earn profits on short-term differences in price. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $730,000 and sold the bonds on January 3, 2022, for $733,000. At December 31, the bonds had a fair value of $728,000. What pretax amounts did S&L Include in its 2021 and 2022 net income as a result of this Investment (ignoring interest? (Enter all amounts as positive values.) Pretax Amount 2021 Loss 2022 Gain