. At December 31, 2021, Crane Corporation had the following debt securities that were purchased during 2021, its first year of operation: Cost Fair Value Unrealized Gain (Loss) Trading Securities: Security A $90000 $ 66000 $(24000) B 16000 21000 5000 Totals $106000 $87000 $(19000) Available-for-Sale Securities: Security Y $80000 $90000 $10000 Z 95000 63000 (32000) Totals $175000 $153000 $(22000)
. At December 31, 2021, Crane Corporation had the following debt securities that were purchased during 2021, its first year of operation: Cost Fair Value Unrealized Gain (Loss) Trading Securities: Security A $90000 $ 66000 $(24000) B 16000 21000 5000 Totals $106000 $87000 $(19000) Available-for-Sale Securities: Security Y $80000 $90000 $10000 Z 95000 63000 (32000) Totals $175000 $153000 $(22000)
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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. At December 31, 2021, Crane Corporation had the following debt securities that were purchased during 2021, its first year of operation:
Cost | Fair Value |
Unrealized Gain (Loss) |
||||
---|---|---|---|---|---|---|
Trading Securities: | ||||||
Security | A |
$90000 |
$ 66000 |
$(24000) |
||
B |
16000 |
21000 |
5000 |
|||
Totals |
$106000 |
$87000 |
$(19000) |
|||
Available-for-Sale Securities: | ||||||
Security | Y |
$80000 |
$90000 |
$10000 |
||
Z |
95000 |
63000 |
(32000) |
|||
Totals |
$175000 |
$153000 |
$(22000) |
All market declines are considered temporary. Fair value adjustments at December 31, 2021 should be established with a corresponding charge against
Multiple choice
|
Income |
|
$19000 |
$ 0 |
$22000 |
$ 0 |
$19000 |
$42000 |
$19000 |
$22000 |
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