Reference no: EM131765610
Hello Awakhal I'm willing to pay 15.00 if you can do this on excel
At December 31, 20x1, the available-for-sale equity security portfolio for Dunn, Inc., is as follows:
Security Cost Fair Value
A $17,500 $15,000
B 12,500 14,000
C 23,000 25,500
Total 53,000 54,500
Previous unrealized holding gain/loss balance - Cr. 400
On January 20, 20x2, Dunn sold security A for $15,200, and paid a brokerage fee of $100.
Required:
Prepare the adjusting entry at December 31, 20x1.
Show the balance sheet presentation of the investment related accounts at December 31, 20x1.
Prepare the journal entry for the sale of security A.
Do Questions 1, 2 & 3, assuming the investments are classified as trading securities. For this question, ignore the previous balance of unrealized holding gain/loss.