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What would have been dominions journal entry

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Reference no: EM131003500

Dominion Resources,Inc. is one of the nation's largest producers of energy. Corporate headquarters are in Richmond, Va. The following is an excerpt from a recent annual report.
INVESTMENT SECURITIES (IN PART)
Available-for-sale securities are reported at fair value with realized gains and losses and any other-than-temporary declines in fair value included in other income and unrealized gains and losses reported as a component of AOCI, net of tax.Dominion's statement of comprehensive income reported an "Unrealized gain on investment securities, net of $83 million tax expense of $126 million."

Required:

1. Explain how investment securities classified as available for sale are accounted for.

2. What would have been Dominion's journal entry to reflect the fair value of the investments? 

Reference no: EM131003500

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