Question

Top Team Investments completed the following investment transactions during 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Top Team's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 1,000 shares of Tycon stock, paying $47 per share. The investment represents 4% ownership in Tycon's voting stock. Top Team does not have significant influence over Tycon. Top Team intends to hold the investment for the indefinite future. Date Accounts Debit Credit Jan. 14 0 Requirements 0 More Info 1. Journalize Top Team's investment transactions. Explanations are not required. 2. Classify and prepare a partial balance sheet for Top Team's Tycon investment as of December 31, 2018. 3. Prepare a partial income statement for Top Team Investments for year ended December 31, 2018. Jan. 14 Purchased 1,000 shares of Tycon stock, paying $47 per share. The investment represents 4% ownership in Tycon's voting stock. Top Team does not have significant influence over Tycon. Top Team intends to hold the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.39 per share on the Tycon stock Dec. 31 Adjusted the investment to its current market value of $45 per share. 31 Tycon reported net income of $420,000 for the year ended 2018. Print Done Print Done

Answer 1

Top Team lavestmeats Balance shut (Particel) December 31, 2018 $45000 current Assets: longterm Assets: long Term lavestmeats AFS (al fair value) stockholder's Equity Accumulated other comprehensive Income unrealized Holding Loss - AFS $(2000) Top Team lavestments Comprehensive Income statement for the year Ended December 31, 2018 Net Income T other comprehensive Oncome o unrealized Holding Loss - AFS ($2000) Comprehensive Income Loss $(2000)

- Date Debit Jon 4 Long Account Term Investments - Available for sale $47000 Cash Credit $47000 390 1390 Augas cash Dividend Revenue (Received a cash dividend of $0.39 per Share) Decil unrealized Holding loss - Available 2000 for sale fair valeu Adjustment - Available for sale IC Adjusted the investment to its Corrent market value of & 45 per share) Decall no eatry required 2000

- Date Debit Jon 4 Long Account Term Investments - Available for sale $47000 Cash Credit $47000 390 1390 Augas cash Dividend Revenue (Received a cash dividend of $0.39 per Share) Decil unrealized Holding loss - Available 2000 for sale fair valeu Adjustment - Available for sale IC Adjusted the investment to its Corrent market value of & 45 per share) Decall no eatry required 2000