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[ 2008-4-14 14:14:00 | By: wangshumei ] |
Exercises
(10-15 min.) E 5-1
1.This is a trading investment because Exxon intends to sell the stock within a short time.
2.Dec. 20
Short-Term Investment (10,000*$60)… 600,000
Cash…………………………. 600,000
Purchased investment.
Dec. 31
Short-Term Investment [(10,000*$63) – $600,0] ……………….. 30,000
Unrealized Gain on Investment…… 30,000
Adjusted investment to market .
3. BALANCE SHEET
Current assets:
Short-term trading investment, at market ………. $630,000
INCOME STATEMENT
Other revenue and gains:
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