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:
Rapidly Developing
Experiencing fast growth or advancement, often used to describe economies, technologies, or industries.
Market
An area or arena in which commercial dealings are conducted, including the buying and selling of goods and services.
Segmented Components
Parts or sections of a product designed to be easily separable, often for customization, maintenance, or recycling purposes.
Services
Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services).
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