Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on december 31, lujack company held the following

On December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short-term...

80.2K

Verified Solution

Question

Accounting

On December 31, Lujack Company held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period.
Prepare the December 31 year-end adjusting entry to record the fair value adjustment for these debt securities.
Complete this question by entering your answers in the tabs below.
Fair Value
Adjustment
Computation of fair value adjustment.
\table[[Computation of Fair Value Adjustment],[Available-for-Sale Securities,Cost,Fair Value,\table[[Unrealized],[Amount]],Gain or Loss?],[Nintendo Company notes,$70,400,$76,736,,],[Atlantic bonds,28,160,26,189,,],[Kellogg Company notes,50,688,47,647,,],[McDonald's Corporation bonds,95,040,90,288,,],[Totals,$244,288,$240,860,,]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

5 Shawna reduced the size of a rectangle to a height of 2 in What...

Finance
1.2K views

The Ocean-Store Hypermarket is considering acquiring another of its regional competitor in Terengganu. The Ocean-Store plans...

Basic Math
1.2K views

Let R(x), C(x), and P(x) be, respectively, the revenue, cost, and profit, in dollars, from the...

Physics
1.2K views

When the two magnets are moved perpendicular to plane of coil as shown then ares...

Geometry
1.2K views

What is the directional angle for this vector 34 2 5 Round to the nearest...

Basic Math
1.2K views

In the first part of the video, Freddie wasposed the problem of having 400 baseballcards...

Calculus
1.2K views

Use Stokes Theorem to evaluate F dr where C is oriented counterclockwise as viewed Jc...

Accounting
1.2K views

i need help with this! gurtion 9 (8 marks) Pandities The...

Accounting
1.2K views

QUESTION 4 How do you calculate the horizontal analysis on...

Accounting
1.2K views

Music World reports the following sales forecast: August, $120,000; and September, $260,000. Cash sales are...

Accounting
1.2K views

1. Print this Document 2. Write your name at the top 3. Complete the assignment...

Accounting
1.2K views

Berkson Inc.'s costs at 150,000 units of production are $240,000(the high point of production) and...