63million Purchase Millwork Ventures 22millions Investment in


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63million Purchase Millwork Ventures 22millions Investment in Holistic 34millions Investment in Kansas bonds 64millions Investment in Household Problem 12-7 ($ in millions) December 29 Cash Investment revenue December 31 Accrued interest: Investment revenue receivable – Holistic Entertainment Investment revenue receivable – Household Plastics Investment revenue Revaluations: Net unrealized holding gains and losses—OCI Fair value adjustment Fair value adjustment Net unrealized holding gains and losses—I/S Note: Securities held-to-maturity are not adjusted to fair value. Closing entry: Net unrealized holding gains and losses—I/S (NXS) Investment revenue Gain on sale of investments (U.S. Treasury bonds) Loss on sale of investments (Kansas Abstractors) Income summary (to balance) Note: Unlike for securities available-for-sale, unrealized holding gains and losses are included in income for trading securities. 2012 January 7 Cash Loss on sale of investments (to balance) Investment in NXS common shares (account balance) Assuming no other transactions involving trading securities, the 2012 adjusting entry to remove the fair value adjustment associated with the sold securities would be: December 31 Net unrealized holding gains and losses—I/S Fair value adjustment (account balance) misstexas123
posted a question · Jun 22, 2014 at 8:25pm

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