The writer is very fast, professional and responded to the review request fast also. Thank you.
P17-10 Intermediate Accounting, 13th edition, Kieso Weygandt Warfield (Gain on Sale of Securities and Comprehensive Income) the following balance sheet. ACKER INC. BALANCE SHEET AS OF JANUARY 1, 2010 Assets Cash Available-for-sale securities Total $ 50,000 240,000 $290,000 On January 1, 2010, Acker Inc. had Equity Common stock Accumulated other comprehensive income Total $260,000 30,000 $290,000 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Acker Inc.s available-for-sale securities at December 31, 2010, was $190,000; its cost was $140,000. No securities were purchased during the year. Acker Inc.s income statement for 2010 was as follows. (Ignore income taxes.) ACKER INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2010 Dividend revenue Gain on sale of available-for-sale securities Net income $ 5,000 30,000 $35,000 Instructions (Assume all transactions during the year were for cash.) (a) Prepare the journal entry to record the sale of the available-for-sale securities in 2010. (b) Prepare a statement of comprehensive income for 2010. (c) Prepare a balance sheet as of December 31, 2010.
Answer1) Journal EntryParticularsAmount $Available for sale of security50,000Total holding gainsCash5,000Dividend Amount $50,0005,000 Jan. 1st 2010Face value of securities Available for…
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more