Homework Answers
| 1) At the beginning of the year, Joan Steel, Inc. purchased 10,000 shares of Barnes Metals, Inc. for $34,000 in exchange for cash and now holds 3.2% of the voting stock of Smiths Metals, Inc. The management of Joan Steel intends to hold this stock for two years. Assuming no other transaction happened during the year, the ________ in the balance sheet will increase. | Long term Investment | |
| The ownership of less than 20% creates an investment position carried at fair market value in the investor’s balance sheet. | ||
| 2) Beige Corporation pays $516,000 to acquire 42% of the equity securities of Olive Technologies Inc. on May 5, 2017. In entry record this transactions_ | ||
| Long Term Investments - Olive technoligies will be debited for $516,000 | ||
| Journal Entry | ||
| Record initial investment | ||
| dr. Investment in affiliate (A ↑) | ||
| cr. Cash (A ↓) | ||
| 3) Green Services, Inc. invests its excess cash in Creative Technologies, Inc. and acquires 1,000 shares for $53.75 per share. Green Services, Inc. owns less than 1% of Creative's voting stock and plans to hold the stock for two years. While preparing the journal entry to record this transaction, ______. | ||
| Long-term Investments-Available-for-Sale is debited for $53750 | ||
| Journal entry | ||
| Long-term Investments—Available-for-Sale | 53750 | |
| Cash | 53750 | |
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= = Tulsa safeIII Question 4 At the beginning of the year, loan Steel, Inc. purchased...
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Selk Steel Co., which began operations on January 4, 2017, had the
following subsequent transactions and events in its long-term
investments
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