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At December 31, 2011, the investments in securities available-for-sale of Beale Developments were reported at $78 million:During 2012, Beale sold its investment in Schwab Pharmaceuticals, which had cost $25 million, for $28 million. Those shares had a fair value at December 31, 2011, of $27 million. No other investments were sold. At December 31, 2012, the investments in securities available-for-sale included the cost and fair value amounts shown below.
Required:
1. At what amount should Beale report its securities available-for-sale in its December 31, 2012, balance sheet?
2. What journal entry is needed to enable the investment to be reported at this amount?
3. What is the amount of the reclassification adjustment to 2012 other comprehensive income? Show how the reclassification adjustment should be reported.
Creations Company provided the following financial information for its installment sales for the current year.
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