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At December 31, 2013, the investments in securities available for sale of Beale Developments were reported at $78 million:
During 2014, Beale sold its investment in Schwab Pharmaceuticals, which had cost $25 million, for $28 million. Those shares had a fair value at December 31, 2013, of $27 million. No other investments were sold. At December 31, 2014, the investments in securities available for sale included the cost and fair value amounts shown below.
Required:1. At what amount should Beale report its securities available for sale in its December 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 comprehensive income? Show how the reclassification adjustment should bereported.
buyco holds 25 percent of the outstanding shares of marqueen and appropriately applies the equity method of accounting.
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