Question
Suppose Pendant Corporation holds the following available-for-sale securities as long-term investments at December 31, 2017: Stock...
Suppose Pendant Corporation holds the following available-for-sale securities as long-term investments at December 31, 2017:
| Stock | Cost | Level 1 Fair Value |
| The Macmilliam Company | $62,000 | $55,000 |
| The Bushwood Company | $18,000 | $11,000 |
| $80,000 | $66,000 |
Show how Pendant will report long-term investments on its December 31, 2017, balance sheet. (Abbreviation used: AFSS = available-for-sale security.)
| Assets | |
|
Select from: Investments in AFSS Loss on sale of investments in AFSS Unrealized gain on investments in AFSS |
$? |
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