Reference no: EM132719114
Question - Inc. reports the following investments at December 31, 2019:
Investment / classification
Amoco Co. bonds (hold to maturity)
Cost $330
Market $290
BP Corp bonds (available for sale)
Cost 800
Market 825
Chevron Inc bonds (trading)
Cost 550
Market 515
Delta Gas stock (available for sale)
Cost 1,100
Market 1,600
Esso Petroleum stock (available for sale)
Cost 1,500
Market 950
All investments were purchased during the year ending 12/31/19 and have never been adjusted to date.
Required -
1. Explain at what value each of these investments is reported on Stern's balance sheet.
2. For each investment which will be reported at a value other than its cost, indicate how the unrealized value fluctuation will impact the ending balance of the retained earnings account for the year ended 12/31/19.
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