Skyline, Inc. purchased a portfolio of available-for-sale securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were as follows: (a) Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31.
(b) Where will the information from the journal entry be reported on the financial statements?

Question

Skyline, Inc. purchased a portfolio of available-for-sale securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were as follows:​​  (a) Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31.
(b) Where will the information from the journal entry be reported on the financial statements?

Quizplus · Accepted Answer

The Answer of Skyline, Inc. purchased a portfolio of available-for-sale securities during the current fiscal year. The cost and fair value of this portfolio on December 31 were as follows:​​  (a) Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31.
(b) Where will the information from the journal entry be reported on the financial statements?