Current Attempt in Progress Following is a list of investments owned by Shamrock Ltd., as of...
Current Attempt in Progress
Following is a list of investments owned by Shamrock Ltd., as of the company’s year-end, December 31, 2020:
| Investment | No. Shares |
Cost | Fair Value |
|||
| HFX Corporation | 1,900 | $7.84 | $7.12 | |||
| FDY Ltd. | 3,200 | 7.21 | 7.37 | |||
| CTN Corporation | 4,400 | 6.18 | 6.93 |
On January 15, 2021, Shamrock sold the shares in CTN Corporation
for $7.37 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 are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Jan. 15, 2021 |
|||
| (To record adjustment to current fair value.) | |||
| (To record the sale of shares.) | |||
| (To record reclassification adjustment (without recycling).) |
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Current Attempt in Progress
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Gain on Sale of Investments
GST Receivable
Interest Expense
Interest Income
Interest Payable
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Investment in Associate
Investment Income or Loss
Loss on Discontinued Operations
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Exercise 9-14
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Allowance for Investment Impairment
Bond Investment at Amortized Cost
Cash
Dividend Receivable
Dividend Revenue
FV-NI Investments
FV-OCI Investments
Gain on Sale of Investments
GST Receivable
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Investment in Associate
Investment Income or Loss
Loss on Discontinued Operations
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the equity investment using the fair-value through other
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On July 1, 2020, Flounder Aggregates Ltd. purchased 6% bonds
having a maturity value of $85,000 for $88,048. The bonds provide
the bondholders with a 5% yield. The bonds mature four years later,
on July 1, 2024, with interest receivable June 30 and December 31
of each year. Flounder uses the effective interest method to
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