E16-10 Natoli Inc. Adjusting Journal Entries
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At December 31, 2010, the trading securities for Natoli, Inc. are as follows:
Security Cost Fair Value
A $17,500 $16,000
B 12,500 14,000
C 23,000 19,000 Totals $53,000 $49,000
1). Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.
2). Show the balance sheet and income statement presentation at December 31, 2010, after an adjustment to fair value.
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Solution Summary
E16-10
At December 31, 2010, the trading securities for Natoli, Inc. are as follows:
Security Cost Fair Value
A $17,500 $16,000
B 12,500 14,000
C 23,000 19,000 Totals $53,000 $49,000
1). Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.
2). Show the balance sheet and income statement presentation at December 31, 2010, after an adjustment to fair value.
Purchase this Solution
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