Plotner Corporation has the following trading portfolio of stock investments as of December 31, 2019. Security Cost Fair Value A $19,000 $15,000 B 22,000 27,000 C 34,000 29,000 $75,000 $71,000 On January 22, 2020, Plotner Corporation sold security C for $32,000. Instructions (a) Prepare the adjusting entry for Plotner Corporation on December 31, 2019, to report the portfolio at fair value. (b) Indicate the balance sheet and income statement presentation of the fair value data for Plotner Corporation at December 31, 2019. (c) Prepare the journal entry for the 2020 sale.

Plotner Corporation has the following trading portfolio of stock investments as of December 31, 2019. Security Cost Fair Value A $19,000 $15,000 B 22,000 27,000 C 34,000 29,000 $75,000 $71,000 On January 22, 2020, Plotner Corporation sold security C for $32,000. Instructions (a) Prepare the adjusting entry for Plotner Corporation on December 31, 2019, to report the portfolio at fair value. (b) Indicate the balance sheet and income statement presentation of the fair value data for Plotner Corporation at December 31, 2019. (c) Prepare the journal entry for the 2020 sale.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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