Homework Answers
| No | Event | General Journal | Debit | Credit |
| 1 | 2 | Unrealized holding gain NI | $8 | |
| Fair value adjustment | $8 | |||
| (To record the adjustment to fair value ) | ||||
| 2 | 1 | Cash | $110 | |
| Investment in Jackson Industry Shares | $90 | |||
| Gain on sale of investment | $20 | |||
| (Being investment sold and gain recognized) |
20 - 8 = 12
So it should be
Fair value adjustment 12
Gain on investment (Unrealized, NI) 12
Add Answer to:
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90...
On January 2, 2018, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $106...
On January 2, 2018, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $106 million Jackson Industry's net Income for the year ended December 31, 2018, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2018. During 2018, Jackson declared a dividend of $76 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2018 2. Assume that Sanborn sold the stock on January 2, 2019...
On January 2, 2016, Sanborn Tobacco inc bought 10% of Jackson Industry's capital stock for $102...
On January 2, 2016, Sanborn Tobacco inc bought 10% of Jackson Industry's capital stock for $102 million as a temporary Investment. Sanborn classified the securtes acquired as avalable-for-sale. Jackson Industrys net Income for the year ended December 31, 2016, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2016 During 2016. Jackson declared a dvidend of $72 milion. Required: 1 Prepare all appropriate journal entries related to the Investment durtng 2016....
1) Record the purchase of Jackson Industry capital stock for $91 million. 2) Record Sanborn Tobacco's...
1) Record the purchase of
Jackson Industry capital stock for $91 million.
2) Record Sanborn Tobacco's portion of Jackson Industry's net
income of $121 million.
3) Record the dividend revenue.
4) Record the fair value adjustment.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair...
Required information (The following information applies to the questions displayed below.) On January 2, 2021, Sanborn...
Required information (The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 milion Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information [The following information applies to the questions displayed below.) 2 of 2 On January...
Required information [The following information applies to the questions displayed below.) 2 of 2 On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 million 2. Assume that Sanborn sold the stock on January 2,...
Required Information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn...
Required Information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn...
Required information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $102 million. Jackson Industry's net income for the year ended December 31, 2021, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2021. During 2021, Jackson declared a dividend of $72 million 2. Assume that Sanborn sold the stock on January 2, 2022 for $134...
On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake...
On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million, The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018,...
JOURNAL ENTRY: 1) Record the entry to adjust to fair value on the date of sale....
JOURNAL ENTRY:
1) Record the entry to adjust to fair value on the date of
sale.
2) Record the sale of stock on January 2, 2022 for $112
million.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net Income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn...
On January 1, 2018, Cameron inc bought 10% of the outstanding common stock of Lake Construction...
On January 1, 2018, Cameron inc bought 10% of the outstanding common stock of Lake Construction Company for $170 million cash At the date of acquisition of the stock, Lake's net assets nad ฮ fair value of S700 milion. Their book value was S600 million The difference was attributable to the fair value of Lake's buildings and its land exceeding book value. each accounting for one-haif of the difference. Lake's net income for the year ended December 31, 2018, was...
On January 2, 2018, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $106 million Jackson Industry's net Income for the year ended December 31, 2018, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2018. During 2018, Jackson declared a dividend of $76 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2018 2. Assume that Sanborn sold the stock on January 2, 2019...
On January 2, 2016, Sanborn Tobacco inc bought 10% of Jackson Industry's capital stock for $102 million as a temporary Investment. Sanborn classified the securtes acquired as avalable-for-sale. Jackson Industrys net Income for the year ended December 31, 2016, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2016 During 2016. Jackson declared a dvidend of $72 milion. Required: 1 Prepare all appropriate journal entries related to the Investment durtng 2016....
1) Record the purchase of
Jackson Industry capital stock for $91 million.
2) Record Sanborn Tobacco's portion of Jackson Industry's net
income of $121 million.
3) Record the dividend revenue.
4) Record the fair value adjustment.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair...
Required information (The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 milion Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information [The following information applies to the questions displayed below.) 2 of 2 On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 million 2. Assume that Sanborn sold the stock on January 2,...
Required Information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $102 million. Jackson Industry's net income for the year ended December 31, 2021, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2021. During 2021, Jackson declared a dividend of $72 million 2. Assume that Sanborn sold the stock on January 2, 2022 for $134...
On January 1, 2018, Cameron Inc. bought 10 % of the outstanding common stock of Lake Construction Company for $190 million cash. At the date of acquisition of the stock, Lake's net assets had a fair value of $900 million. Their book value was $800 million, The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake's net income for the year ended December 31, 2018,...
JOURNAL ENTRY:
1) Record the entry to adjust to fair value on the date of
sale.
2) Record the sale of stock on January 2, 2022 for $112
million.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net Income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn...
On January 1, 2018, Cameron inc bought 10% of the outstanding common stock of Lake Construction Company for $170 million cash At the date of acquisition of the stock, Lake's net assets nad ฮ fair value of S700 milion. Their book value was S600 million The difference was attributable to the fair value of Lake's buildings and its land exceeding book value. each accounting for one-haif of the difference. Lake's net income for the year ended December 31, 2018, was...
Most questions answered within 3 hours.
-
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 12 minutes ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 1 hour ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 3 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 3 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 3 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 3 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 3 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 3 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 3 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 3 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 3 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 3 hours ago