The following information pertains to Fox Inc.’s portfolio of marketable securities for the Year… 2 answers below »

The following information pertains to Fox Inc.’s portfolio of marketable securities for the Year ended Dec 31, Year 1 and Dec 31, Year 2. Note 1: Fox Inc. uses US GAAP Note 2: Fox Inc. uses valuation accounts to record changes in the fair value of its marketable securities Note 3: The Martin Co. security was purchase at par value Note 4: The decline in the value of Martin Co. is considered to be other than temporary Requirement: Record the journal entries for the following marketable securities transactions based on the information given in the table. Mark to market journal entry for the Smith Co security at 12/31 Year 1 Mark to market journal entry for the Jones Co security at 12/31 Year 1 Mark to market journal entry for the Williams Co security at 12/31 Year 1 Mark to market journal entry for the Gores Co security at 12/31 Year 1 Mark to market journal entry for the Smith Co security at 12/31 Year 2 Mark to market journal entry for the Jones Co security at 12/31 Year 2 Mark to market journal entry for the Williams Co security at 12/31 Year 2 Mark to market journal entry for the Gores Co security at 12/31 Year 2 Journal entry to record purchase of Martin Co. Investment Journal entry to record the impairment of Martin Co. Investment

"Is this question part of your assignment? We can help"

ORDER NOW

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *