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Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following.
Available-for-Sale Securities Cost Fair Value
Company A bonds $534,100 $492,000
Company B notes 159,140 155,000
Company C bonds 662,400 642,140
Stoll enters into the following transactions involving its available-for-sale debt securities this year.
Jan. 29 Sold one-half of the Company B notes for $78,820.
July 6 Purchased bonds of Company X for $122,100.
Nov. 13 Purchased notes of Company Z for $267,300.
Dec. 9 Sold all of the bonds of Company A for $524,800.
The fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; Z, $276,000; W, $382,500 and Y, $1,062,500
Required:
a. Determine the amount Stoll should report on its December 31, 2017, balance sheet for its long-term investments in available-for-sale securities.
b. Prepare any necessary December 31, 2017, adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.
c. Prepare any necessary December 31, 2017, adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.
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Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the followi...
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