Essay
In the current year,Largo Co.purchased bonds of MacDermott Corp.with a cost of $125,000 and a year-end fair value of $127,000.These are classified as long-term available-for-sale debt securities.Prepare the journal entry to record any necessary fair value adjustment to the debt investments as of December 31.
Correct Answer:
Verified
Correct Answer:
Verified
Q25: A company purchased $60,000 of 5% bonds
Q34: A company had net income of $2,660,000,
Q101: A company has net income of $250,000,
Q126: _ are debt securities that a company
Q145: The account,Fair Value Adjustment-Available-for-Sale,is reported as an
Q148: When a stock investment with insignificant influence
Q149: Accounting for long-term investments in equity securities
Q151: Scotsland Company had the following transactions relating
Q153: All of the following statements regarding accounting
Q188: Long-term investments in held-to-maturity debt securities are