Help Se er 15- On December 31, 2017, Lujack Co. held the following short-term av

Question

Help Se er 15- On December 31, 2017, Lujack Co. held the following short-term available-for-sale securities. Lujack had no short-term investments prior to the current period Prepare the December 31, 2017, year-end adjusting entry to record the fair value adjustment for these securities Complete this question by entering your answers in the tabs below. Fair Value General Adjustment Journal Hint Ask Computation of fair value adjustment. Computation of Fair Value Adjustment Cost Fair Value Unrealized S 89 200$ 97 228 -Sale Securities Co c 64 224 120 420 60.371 Corp c stock

Explanation / Answer

Unrealised amount = $309,524 - $305,180 = $4,344

Adjusting Entry

Dec 31

Unrealized Loss - Equity $4,344

Fair Value Adjustment - AFS (ST) $4,344   

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