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Show balance sheet presentation of investment-relate account

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Reference no: EM132670687

At December 31, 2020, the available-for-sale debt portfolio for Concord, Inc. is as follows.

Security        Cost            Fair Value         Unrealized Gain (Loss)

A               $33,250       $28,500                $(4,750 )

B               23,750            26,600                   2,850

C                43,700             48,450                   4,750

Total           $100,700            $103,550               2,850

Previous fair value adjustment balance-Dr. 760

Fair value adjustment-Dr. $2,090

On January 20, 2021, Concord, Inc. sold security A for $28,690. The sale proceeds are net of brokerage fees.

Problem 1: Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Problem 2: Show the balance sheet presentation of the investment-related accounts at December 31, 2020. (Do not leave any answer field blank. Enter 0 for amounts.)

Reference no: EM132670687

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