Investments in Equity Securities - The Noonan Corporation prepares quarterly financial statements and invests its excess funds in marketable securities. At the end of 2006 Noonan?s portfolio of investments available for sale consisted of the following equity securities: The December 31 closing market prices were as follows: I Company common stock, $25 per share;O Company common stock, $31 per share;U Company 8% bonds, 101. Required 1. Prepare journal entries to record the preceding information. 2. Show what is reported on the Holly Company?s 2007 income statement. 3. Assuming the investment in I Company stock is considered to be a current asset and the remaining investments are noncurrent, show how all the items are reported on the December 31, 2007 balance sheet of the Holly Company. 4. If GAAP required that unrealized holding gains and losses on available-for-sale securities be included in income, how much would Holly recognize in 2007?
Assuming the investment in I Company stock is considered to be a current asset and the remaining...
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