E 12-5 Securities available-for-sale; adjusting entries
Loreal-American Corporation purchased several marketable securities during 2011. At December 31, 2011, the company had the investments in common stock listed below. None was held at the last reporting date, December 31, 2010, and all are considered securities available-for-sale.
Required:
1. Prepare appropriate adjusting entries at December 31, 2011.
2. What amounts would be reported in the income statement at December 31, 2011, as a result of these adjusting entries?
Click here for the solution: Loreal-American Corporation purchased several marketable securities during 2011
