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The following disclosure note appeared in the July 2, 2011 quarterly financial statement of the Intel Corporation.Note 7: Available for Sale Investments (partial)Table 1: Available for sale investments as of July 2, 2011, and December 25, 2010, were as follows:
Table 2: The before tax net unrealized holding gains (losses) on available for sale investments that have been included in accumulated other comprehensive income (loss) were as follows:
Required:1. Looking only at Table 1, draw a T account that shows the change between the December 25, 2010, and July 2, 2011, balances for the fair value adjustment associated with Intel s AFS investments for the first half of 2011. By how much did the fair value change during the first half of 2011?2. Now look at Table 2, and prepare a journal entry that recognizes for the first six months of 2011 any net unrealized holding gains and losses. Ignore income taxes.3. Using your journal entry from requirement 2, adjust your T account from requirement 1. Have you accounted for the entire change in the fair value adjustment that occurred during the first half of 2011? Reconsider Table 2, and speculate as to what could be causing the difference.
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