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Acc 423 Week 3 Wileyplus Assignment - Exercises

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go to this address to get the tutorial: http://homeworkfox.com/tutorials/business/510/acc-423-week-3-wileyplus-assignment-exercises/ ACC 423 Week 3 WileyPlus Assignment - Exercises Business - Accounting E17-7 (Trading Securities Entries) On December 21, 2010, Zurich Company provided you with the following information regarding its trading securities. December 31, 2010 Investments(Trading) Cost Fair Value Unrealized Gain (Loss) Stargate Corp. stock $20,000 $19,000 $(1,000) Carolina Co. stock 10,000 9,000 (1,000) Vectorman Co. stock 20,000 20,600 600 Total Portfolio $50,000 $48,600 (1,400) Previous securities fair value adjustment balance -0- Securities fair value adjustment—Cr. $(1,400) During 2011, Carolina Company …show more content…

Brooks' 12% ownership of Norton Industries has a current market value of $22,225,000. Prepare the appropriate adjusting entries for Brooks as of December 31, 2010, to reflect the application of the “fair value” rule for both classes of securities described above. Prepare the entries for the Norton investment, assuming that Brooks owns 25% of Norton's shares. Norton reported income of $500,000 in 2010 and paid cash dividends of

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