Following is data for the available-for-sale securities held by AdBrand Company as of December 31,2012.
Required:
(1)Complete the table above to find the total cost and fair value for the company's available-for-sale securities portfolio.
(2)Calculate and record the required December 31,2012 adjustment.
(3)Explain how the adjustment from step (2)is reported on AdBrand's 2012 financial statements.
Definitions:
Trade Restrictions
Government-imposed limitations on the exchange of goods and services between countries, including tariffs, quotas, and embargoes.
Free Trade
is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.
Domestic Jobs
Employment opportunities within a country's borders, as opposed to jobs located overseas.
Free International Trade
The exchange of goods and services between countries without the imposition of restrictions such as tariffs, quotas, or subsidies.
Q25: The cumulative effect of the declaration and
Q32: If $1,000,000 of 8% bonds are issued
Q36: On May 10,a company issued for cash
Q38: A company reports the following:<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2051/.jpg"
Q90: Indicate whether each of the following would
Q97: The effective interest method produces a constant
Q111: Present entries to record the selected transactions
Q129: The cost method of accounting for the
Q156: Under the direct method of reporting cash
Q169: Double taxation is a disadvantage of a