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Ch12 The investments of Harlon Enterprises included the following cost and fair value amounts rsli 201720...

Question:

ch12 The investments of Harlon Enterprises included the following cost and fair value amounts rsli 201720 201 in millions) Fair Value, Dec. 31 A Company shares B Company bonds C Company shares D Industries shares Sale Securities Cost 2012 2013 $ 20 $14 na 35 35 $37 14 50 15 na 45 46 Totals $115 $95 $101 Harton Enterprises sold its holdings of A Company shares on June 1, 2013,for $15 million. On September 12, 2013, it purchased the C Company shares. Required: repare journal entries for the sale of the A Company shares and the purchase of the C Company shares. (Enter your answers in millions.) General Journal June 1, 2013 Cash 15 Loss on sale of investments Investment In A Corporation shares 20 Sep. 12, 2013 Investment in C Corporation shares 15 Cash 15 2-a. At what amount should Harions available-f for-sale securities portiolio be reported in its 2013 statement of financial position? (Enter your answer in millions.) securities potolio 101 milion 2-b. What adjusting entry is needed to accomplish this? (Enter your answers in miltions.) General Jounal Debit Credit Fair value adjustment Net unrealized holding gains and losses-OCI 。在这里输入你
ch12 The investments of Harlon Enterprises included the following cost and fair value amounts rsli 201720 201 in millions) Fair Value, Dec. 31 A Company shares B Company bonds C Company shares D Industries shares Sale Securities Cost 2012 2013 $ 20 $14 na 35 35 $37 14 50 15 na 45 46 Totals $115 $95 $101 Harton Enterprises sold its holdings of A Company shares on June 1, 2013,for $15 million. On September 12, 2013, it purchased the C Company shares. Required: repare journal entries for the sale of the A Company shares and the purchase of the C Company shares. (Enter your answers in millions.) General Journal June 1, 2013 Cash 15 Loss on sale of investments Investment In A Corporation shares 20 Sep. 12, 2013 Investment in C Corporation shares 15 Cash 15 2-a. At what amount should Harion's available-f for-sale securities portiolio be reported in its 2013 statement of financial position? (Enter your answer in millions.) securities potolio 101 milion 2-b. What adjusting entry is needed to accomplish this? (Enter your answers in miltions.) General Jounal Debit Credit Fair value adjustment Net unrealized holding gains and losses-OCI 。在这里输入你

Answers

The amount for the loss adjustment would be for 6, for the 5 loss in sale and 1 for the change in fair value of the stock available for ale securities.

Please see the journal entries for your better understanding below.

Debit                         Credit

Investments—held for trading                                xxx

Loss on equity securities                                        xxx

Investments—available for sale                                                                xxx

Unrealized loss on available-for-sale securities                                  xxx

Investments—held for trading                                xxx

Unrealized gain on available-for-sale securities        xxx

Investments—available for sale                                                             xxx

Gain on equity securities                                                                            xxx

.

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