At January 1 2017 the available-for-sale securities portfolio held by Hyde Corporation consisted of the following investments:
1. 2500 shares of Park common stock purchased for $42 per share.
2. 1500 shares of Grace common stock purchased for $60 per share.
At December 31 2017 the market values per share were Park $36 and Grace $68.
Instructions
(a) Prepare a schedule showing the cost and fair value of the portfolio at December 31 2017.
(b) Prepare the adjusting entry to report the portfolio at fair value at December 31 2017.

Question

Quizplus · Accepted Answer

The Answer of At January 1 2017 the available-for-sale securities portfolio held by Hyde Corporation consisted of the following investments:
1. 2500 shares of Park common stock purchased for $42 per share.
2. 1500 shares of Grace common stock purchased for $60 per share.
At December 31 2017 the market values per share were Park $36 and Grace $68.
Instructions
(a) Prepare a schedule showing the cost and fair value of the portfolio at December 31 2017.
(b) Prepare the adjusting entry to report the portfolio at fair value at December 31 2017.

At January 1 2017 the Available-For-Sale Securities Portfolio Held by Hyde