Balance sheet and income statement presentation

Assignment Help Accounting Basics

Reference no: EM13155273

At December 31, 2002, the trading securities for Yanu, Inc. are as follows:

Security Cost Fair Value

A 17500 16000

B 12500 14000

C 23000 19000

$53,000 $49,000

Instructions:

a) Prepare the adjusting entry at December 31, 2002, to report the securities at fair value.

b) Show the balance sheet and income statement presentation at December 31, 2002, after adjustment to fair value.

Reference no: EM13155273

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