Description of this paper

E17-19B (Fair Value Measurement) Presented below is information related to the purchases of common stock by Thomlin Company during 2014. Cost Fair Value (at purchase date) (at December 31) Investment in Azul Company stock $200,000 $221,000 Investment in J

Description

solution


Question

E17-19B (Fair Value Measurement) Presented below is information related to the purchases of common;stock by Thomlin Company during 2014.;Cost Fair Value;(at purchase date) (at December 31);Investment in Azul Company stock $200,000 $221,000;Investment in Justin Corporation stock 271,000 285,000;Investment in Tiger Inc. stock 185,000 260,000;Total $656,000 $766,000;Instructions;(a) What entry would Thomlin make at December 31, 2014, to record the investment in Azul Company stock if it chooses to report this security using the fair value option?;(b) What entry would Thomlin make at December 31, 2014, to record the investment in Justin Corproaion, assuming that Thomlin wants to classify this security as available-for-sale? This security is the only available-for-sale security that Thomlin presently owns.;(c) What entry would Thomlin make at December 31, 2014, to record the investment in Tiger Inc., assuming that Thomlin wants to classify this investment as a trading security?

 

Paper#78449 | Written in 18-Jul-2015

Price : $27
SiteLock