Homework Answers
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| Cheyenne Corporation | ||||||
| Investment | Holding % | Accounting Model | Reason | |||
| STG Corporation | 7% | FV- NI | As it is mentioned that these will be sold when price increase so these should be treated as Trading Securities. | |||
| Brach Ltd. | 33% | Equity method | Because the holding is more than 25%. | |||
| Raptor Inc. | 2% | FV- NI | As it is mentioned that these will be sold when price increase so these should be treated as Trading Securities. | |||
| CMP Ltd. | 22% | Cost | Because these are to be held indefinitely. | |||
| Diloph Inc. | 6% | Cost | Because these are to be held indefinitely. | |||
| Investment | Dividend Share | Dividend Income | ||||
| STG Corporation | 6,770.00 | Yes | ||||
| Brach Ltd. | 26,600.00 | No | ||||
| Raptor Inc. | 2,730.00 | Yes | ||||
| CMP Ltd. | 17,100.00 | Yes | ||||
| Diloph Inc. | 5,170.00 | Yes | ||||
| Dividend Income | 31,770.00 | |||||
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Following is a summary of the investments owned by Cheyenne Corporation, as of January 1, 2020:...
Following is a summary of the investments owned by Whispering Corporation, as of January 1, 2020:...
Following is a summary of the investments owned by Whispering Corporation, as of January 1, 2020: Investment STG Corporation Brach Ltd. Percentage of Outstanding Shares 7% 32% Whispering's Intention To be sold when prices increase Buy additional shares to achieve control of company. Whispering has members on Brach's Board of Directors. To be sold when prices increase Hold indefinitely. Another company owns the remaining 74% of shares Hold indefinitely Raptor Inc. CMP Ltd. Diloph Inc. 3% 26% 8% During 2020,...
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai...
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai invested in equity securities: 1. On January 15, purchased 8,100 shares of Nirmala Corp.'s common shares at $30.10 per share plus commission of $1,782. 2. On April 1, purchased 4,500 shares of Oxana Corp.'s common shares at $47 per share plus commission of $3,033 3. On September 10, purchased 6,300 shares of WTA Corp.'s preferred shares at $23.90 per share plus commission of $2,619....
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai...
Ayayai Corporation made the following purchases of investments
during 2020, the first year in which Ayayai invested in equity
securities:
1.
On January 15, purchased 8,100 shares of Nirmala Corp.’s common
shares at $30.10 per share plus commission of $1,782.
2.
On April 1, purchased 4,500 shares of Oxana Corp.’s common
shares at $47 per share plus commission of $3,033.
3.
On September 10, purchased 6,300 shares of WTA Corp.’s
preferred shares at $23.90 per share plus commission of
$2,619....
Following is a list of investments owned by Culver Ltd., as of the company’s year-end, December...
Following is a list of investments owned by Culver Ltd., as of
the company’s year-end, December 31, 2020:
Investment
No. Shares
Cost
Fair Value
HFX Corporation
900
$8.00
$7.00
FDY Ltd.
2,800
6.00
6.05
CTN Corporation
4,000
6.30
7.10
On January 15, 2021, Culver sold the shares in CTN Corporation
for $7.60 per share. Prepare the journal entries required to record
the sale, assuming the company uses the fair value through other
comprehensive income without recycling method. (Credit
account titles...
Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were...
Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were accounted for using the FV OCI method: Quantity Frank Inc 2.200 shares Ellis Corp. 5.400 shares Mendota Ltd. 4.400 shares Percent Cost per Fair Value Interest Share per Share 8% $11 $16 14% 21 17 2% 33 26 Early in 2021, Sarasota sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale.On December 31, 2021. Sarasota's portfolio...
On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for...
On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for $159,000. During the year, Cheyenne earned net income of $86,000 and paid dividends of $21,500. Prepare the entries for Crane to record the purchase and any additional entries related to this investment in Cheyenne Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2020, the first year in...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2020, the first year in which Bramble invested in equity securities: 1. On January 15, purchased 8,640 shares of Nirmala Corp.’s common shares at $32.20 per share plus commission of $1,902. 2. On April 1, purchased 4,800 shares of Oxana Corp.’s common shares at $50 per share plus commission of $3,235. 3. On September 10, purchased 6,720 shares of WTA Corp.’s preferred shares at $25.70 per share plus commission...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Ahn Inc. Burnham Corp. Chi Ltd. Total Cost and Carrying Amount $174,200 120,700 73,300 $368,200 Unrealized Fair Value Gain (Loss) $150,300 $(23,900) 139,900 19,200 76,000 2,700 $366,200 $(2.000) Because of a change in relationship with Ahn Inc., Grouper Inc. sold its investment in Ahn for $154,800 on January 20, 2021. No other...
Bridgeport Corporation made the following purchases of investments during 2020, the first year in which Bridgeport...
Bridgeport Corporation made the following purchases of
investments during 2020, the first year in which Bridgeport
invested in equity securities:
1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
shares at $35.50 per share plus commission of $2,100.
2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
$3,085....
On January 1, 2020, Concord Corporation had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Concord Corporation paid $60,000 cash for equity securities that
On January 1, 2020, Concord Corporation had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Concord Corporation paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Concord Corporation received non-taxable cash dividends of $26,000 and had an unrealized holding gain of $21,000 (net of tax) on these securities. Determine the following amounts...
Following is a summary of the investments owned by Whispering Corporation, as of January 1, 2020: Investment STG Corporation Brach Ltd. Percentage of Outstanding Shares 7% 32% Whispering's Intention To be sold when prices increase Buy additional shares to achieve control of company. Whispering has members on Brach's Board of Directors. To be sold when prices increase Hold indefinitely. Another company owns the remaining 74% of shares Hold indefinitely Raptor Inc. CMP Ltd. Diloph Inc. 3% 26% 8% During 2020,...
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai invested in equity securities: 1. On January 15, purchased 8,100 shares of Nirmala Corp.'s common shares at $30.10 per share plus commission of $1,782. 2. On April 1, purchased 4,500 shares of Oxana Corp.'s common shares at $47 per share plus commission of $3,033 3. On September 10, purchased 6,300 shares of WTA Corp.'s preferred shares at $23.90 per share plus commission of $2,619....
Ayayai Corporation made the following purchases of investments
during 2020, the first year in which Ayayai invested in equity
securities:
1.
On January 15, purchased 8,100 shares of Nirmala Corp.’s common
shares at $30.10 per share plus commission of $1,782.
2.
On April 1, purchased 4,500 shares of Oxana Corp.’s common
shares at $47 per share plus commission of $3,033.
3.
On September 10, purchased 6,300 shares of WTA Corp.’s
preferred shares at $23.90 per share plus commission of
$2,619....
Following is a list of investments owned by Culver Ltd., as of
the company’s year-end, December 31, 2020:
Investment
No. Shares
Cost
Fair Value
HFX Corporation
900
$8.00
$7.00
FDY Ltd.
2,800
6.00
6.05
CTN Corporation
4,000
6.30
7.10
On January 15, 2021, Culver sold the shares in CTN Corporation
for $7.60 per share. Prepare the journal entries required to record
the sale, assuming the company uses the fair value through other
comprehensive income without recycling method. (Credit
account titles...
Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were accounted for using the FV OCI method: Quantity Frank Inc 2.200 shares Ellis Corp. 5.400 shares Mendota Ltd. 4.400 shares Percent Cost per Fair Value Interest Share per Share 8% $11 $16 14% 21 17 2% 33 26 Early in 2021, Sarasota sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale.On December 31, 2021. Sarasota's portfolio...
On January 1, 2020, Crane Corporation purchased 20% of the common shares of Cheyenne Company for $159,000. During the year, Cheyenne earned net income of $86,000 and paid dividends of $21,500. Prepare the entries for Crane to record the purchase and any additional entries related to this investment in Cheyenne Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
PRINTER VERSION BACK NEXT At December 31, 2020, the equity investments of Grouper Inc. that were accounted for using the FV-OCI model without recycling were as follows: Investment Ahn Inc. Burnham Corp. Chi Ltd. Total Cost and Carrying Amount $174,200 120,700 73,300 $368,200 Unrealized Fair Value Gain (Loss) $150,300 $(23,900) 139,900 19,200 76,000 2,700 $366,200 $(2.000) Because of a change in relationship with Ahn Inc., Grouper Inc. sold its investment in Ahn for $154,800 on January 20, 2021. No other...
Bridgeport Corporation made the following purchases of
investments during 2020, the first year in which Bridgeport
invested in equity securities:
1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
shares at $35.50 per share plus commission of $2,100.
2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
$3,085....
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