Exercise 17-9 (Part Level Submission) Security Cost Fair Value Unrealized Gain (

Question

Exercise 17-9 (Part Level Submission)

Security

Cost

Fair Value

Unrealized
Gain (Loss)

(a)

Account Titles and Explanation

Debit

Credit

Open Show Work

SHOW LIST OF ACCOUNTS

SHOW SOLUTION

LINK TO TEXT

(b)

Exercise 17-9 (Part Level Submission)

At December 31, 2017, the available-for-sale debt portfolio for Ivanhoe, Inc. is as follows.

Security

Cost

Fair Value

Unrealized
Gain (Loss)

A $32,375 $27,750 $(4,625 ) B 23,125 25,900 2,775 C 42,550 47,175 4,625 Total $98,050 $100,825 2,775 Previous fair value adjustment balance—Dr. 740 Fair value adjustment—Dr. $2,035
On January 20, 2018, Ivanhoe, Inc. sold security A for $27,935. The sale proceeds are net of brokerage fees.

Explanation / Answer

Solution a:

Solution b:

Journal Entries - Ivanhoe, Inc. Date Particulars Debit Credit 31-Dec-17 Fair value adjustment Dr $2,035.00       To Unrealized holding gain or loss - OCI $2,035.00 (To recored adjustment to fair value for available for sale debt investment)

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