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Problem 12-8 At Dec 31, 2013, the investments in securities available-for-sale of Beale Developments were reported at $78 million: Securities available-for-sale $74 Plus: Fair value adjustment 4 $78 During 2014, Beale sold its investment in SChwab Pharmaceuticals which had cost $25 million, for $28 million. Those shares had a fair value at Dec 31, 2013, of $27 million. No other investments were sold. At Dec 31, 2014, the investments in securities available-for-sale included the cost and fair value amounts shown below:Securities available-for-sale Cost Fair Value Unrealized gain Daisy Theaters, Inc shares 40 42 2 Orpheum Entertainment bonds 9 12 3 Totals 49 54 5 Required:
1) At what amount should Beale report its securities available-for-sale in its Dec 31, 2014, balance sheet? 2) What journal entry is needed to enable the investment to be reported at this amount? 3) What is the amount of the reclassification adjustment to 2014 other comprhensive income? Show how the reclassification adjustment should be reported.
during the last year of operations accounts receivable increased by 10900 accounts payable increased by 5900 and
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