Skyline, Inc. purchased a portfolio of available-for-sale securities during 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows:
Required:
Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31, 2012.
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 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows:
  Required:
Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31, 2012.
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 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows:
  Required:
Provide the journal entry to record the adjustment of the available-for-sale security portfolio to fair value on December 31, 2012.
Where will the information from the journal entry be reported on the financial statements?