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E17-6_Journal entries fair value adjustments

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E17-6 The information on the following page is available for Barkley Company at December 31, 2003, regarding its investments.;Cost Fair Value;3,000 shares of Myers Corporation Common Stock 40,000 48,000;1,000 shares of Cole Incorporated Preferred Stock 25,000 22,000;65,000 70,000;Instructions;(a) Prepare the adjusting entry (if any) for 2003, assuming the securities are classified as trading.;(b) Prepare the adjusting entry (if any) for 2003, assuming the securities are classified as available.;(c) Discuss how the amounts reported in the financial statements are affected by the entries in (a) and (b).

 

Paper#81150 | Written in 18-Jul-2015

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