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problem1:  At the end of its 1st year, the trading securities portfolio consisted of the following common stocks.

The unrealized loss to be recognized under the fair value method is

                                        Cost               Market

Able Corporation        $46,400           $50,000

Baker Inc.                  60,000             53,800

Cole Corporation        80,000             76,000

                                $186,400         $179,800

[A] $10,200

[B] $6,600

[C] $6,200

[D] $4,000

problem2: Tolan Co. purchased 60, 6 percent Irick Company bonds for $60,000 cash plus brokerage fees of $600. Interest is payable semiannually on July 1 and January 1. If 15 of the securities are sold on July 1 for $31,000 less $300 brokerage fee, the entry would include a credit to Gain on Sale of Debt Investments for

[A] $1,300

[B] $400

[C] $1,000

[D] $700

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M919157

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