Reference no: EM1374817
On 31st December, 2011, Rollo Company held the subsequent short-term investments in its portfolio of available-for-sale securities. Rollo had no short-term investments in its prior accounting periods.
Cost Fair Value
Vicks Corporation bonds payable $61,900 $57,100
Pace Corporation notes payable 54,500 46,300
Lake Lugano Company common stock 81,300 78,300
Prepare the 31st December, 2011, adjusting entry to report these investments at fair value. (Omit the "tiny_mce_markerquot; sign in your response.)
Date General Journal Debit Credit
Dec. 31
Thus journal entries for this problem are selected from the categories listed below.
Interest revenue, Cash, Fair value adjustment-AFS (ST), Unrealized gain-equity, Unrealized loss-equity, Short-term investments-AFS(ST), Gain on sale of short-term investments, Loss on sale of short-term investments
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