Rider Company had the following portfolio of securities at the end of its first year of operations:

(1)Provide the entry necessary to adjust the portfolio of securities to market value.
(2)After adjusting the securities to market,Rider elects to reclassify Security B as an available-for-sale security.On the date of the transfer,Security B's market value is $26,000.Provide the journal entry to reclassify Security B.

Question

Rider Company had the following portfolio of securities at the end of its first year of operations:
  
(1)Provide the entry necessary to adjust the portfolio of securities to market value.
(2)After adjusting the securities to market,Rider elects to reclassify Security B as an available-for-sale security.On the date of the transfer,Security B's market value is $26,000.Provide the journal entry to reclassify Security B.

Quizplus · Accepted Answer

The Answer of Rider Company had the following portfolio of securities at the end of its first year of operations:
  
(1)Provide the entry necessary to adjust the portfolio of securities to market value.
(2)After adjusting the securities to market,Rider elects to reclassify Security B as an available-for-sale security.On the date of the transfer,Security B's market value is $26,000.Provide the journal entry to reclassify Security B.

Rider Company Had the Following Portfolio of Securities at the End