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question 94

Essay

Use the following to answer questions
Arctic Cat Inc. ,the snowmobile manufacturer,reported the following in its 20X5 annual report to shareholders:
NOTE B - SHORT-TERM INVESTMENTS
Short-term investments consist primarily of a diversified portfolio of municipal bonds and money market funds and are classified as follows at March 31:
Trading securities consist of $54,608,000 and $41,707,000 invested in various money market funds at March 31,20X5 and 20X4,respectively,while the remainder of trading securities and available-for-sale securities consist primarily of A-rated or higher municipal bond investments.The amortized cost and fair value of debt securities classified as available-for-sale was $3,105,000 and $3,196,000,at March 31,20X5.The unrealized gain on available-for-sale debt securities is reported,net of tax,as a separate component of shareholders' equity.
Arctic Cat Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Years Ended March 31,
Accumulated Other Comprehensive Income changed by the following amounts:
In its 20X4 annual report,Arctic Cat disclosed,"The contractual maturities of available-for-sale debt securities at March 31,20X4,are $3,573,000 within one year and $3,340,000 from one year through five years."
-What gain or loss would be realized if the available for sale securities on Arctic Cat's 3/31/X5 balance sheet were sold immediately for their fair value? Show the journal entry that would record the sale,and show a journal entry to record the effects of the sale on their fair value adjustment at the end of the period (ignore taxes).

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Definitions:

External Urinary Opening

The external opening of the urinary tract through which urine is expelled from the body; in males, it is located at the tip of the penis, and in females, it is situated in the vulva.

Urethra

The tube that conducts urine from the bladder to the outside of the body in both males and females, and also transports semen in males.

Concave Border

A term describing a curve or outline that curves inward, as seen in various anatomical structures.

Pelvis

A bony structure located at the base of the spine, composed of the pelvic bones (hip bones), sacrum, and coccyx, serving as the framework for the pelvis area and supporting the upper body's weight.