Reference no: EM131765502
Problem - At December 31, 2010, the available for sale equity portfolio for Wenger, Inc. is as follows:
Security Cost Fair Value Unrealized Gain (Loss)
A 17,500 15,000 (2,500)
B 12,500 14,000 1,500
C 23,000 25,500 2,500
53,000 54,500 1,500
Previous securities fair value adjustment balance Dr. 200
Securities fair value adjustment Dr. 1,300
On January 20, 2011, Wegner, Inc. sold security A for $15,300. The sale proceeds are net of brokerage fees.
(a) Prepare the adjusting entry at December 31, 2010, to report the portfolio at fair value.
(b) Show the balance sheet presentation of the investment related accounts at December 31, 2010. (ignore notes presentation).
(c) Prepare the journal entry for the 2011 sale of security A.
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