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Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were...
Ayayai Corp. has the following securities (all purchased in 2020) in its investment portfolio on December...
Ayayai Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,420 Anderson Corp. common shares, which cost $48,850; 12,100 Munter Ltd. common shares, which cost $580,700; and 6,360 King Corp. preferred shares, which cost $255,600. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,980; Munter Ltd. $569,600; and King Corp. $255,100. In 2021, Ayayai completed the following transactions: 1. On January 15, sold 2,420 Anderson common shares...
Sarasota Inc. owns shares of Ivanhoe Corporation stock. At December 31, 2020, the securities were carried...
Sarasota Inc. owns shares of Ivanhoe Corporation stock. At December 31, 2020, the securities were carried in Sarasota's accounting records at their cost of $784,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,052,000, Sarasota declared a property dividend whereby the Ivanhoe securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates. (Credit account titles...
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...
Sunland Company has the following securities in its portfolio on December 31, 2020. None of these...
Sunland Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc., Common
$79,600
$74,700
5,000 shares of Wallace Corp., Common
170,900
165,800
400 shares of Martin, Inc., Preferred
65,800
67,200
$316,300
$307,700
All of the securities were purchased in 2020.
In 2021, Sunland completed the following securities
transactions.
March 1
Sold the 1,500 shares of Gordon, Inc., Common,...
Marigold Company has the following securities in its portfolio on December 31, 2020. None of these...
Marigold Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $69,700 $65,500 5,000 shares of Wallace Corp., Common 193,400 188,300 400 shares of Martin, Inc., Preferred 60,300 61,800 $323,400 $315,600 All of the securities were purchased in 2020. In 2021, Marigold completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Blue Company has the following securities in its portfolio on December 31, 2020. None of these...
Blue Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $76,900 $72,500 5,000 shares of Wallace Corp., Common 195,800 190,400 400 shares of Martin, Inc., Preferred 61,700 63,500 $334,400 $326,400 All of the securities were purchased in 2020. In 2021, Blue completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Marigold Ltd. had the following investment portfolio at January 1, 2020: Investment Quantity Cost per Share...
Marigold Ltd. had the following investment portfolio at January
1, 2020:
Investment
Quantity
Cost per
Share
Fair
Value
at Dec. 31, 2019
Earl Corp.
990
$14.30
$11.00
Josie Corp.
910
19.30
16.00
Asher Corp.
500
8.50
6.50
During 2020, the following transactions took place:
1.
On March 1, Josie Corp. paid a $2 per share dividend.
2.
On April 30, Marigold sold 300 shares of Asher Corp. for $9.30
per share.
3.
On May 15, Marigold purchased 200 more Earl...
Exercise 9-9 Sarasota Corporation, a Canadian-based international company that follows IFRS, has the following securities in...
Exercise 9-9 Sarasota Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019: Carrying Amount (before Investments adjustment) Fair Value 2,000 shares of David Jones Inc., common $91,000 $87,000 5,200 shares of Hearn Corp., common 171,600 164,500 420 shares of Alessandro Inc., preferred 63,000 64,900 $325,600 $316,100 In 2020, Sarasota completed the following securities transactions: Mar. 1 Sold...
Sage Company has the following securities in its portfolio on December 31, 2020. None of these...
Sage Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc.,
Common
$77,600
$73,200
5,000 shares of Wallace
Corp., Common
172,900
167,700
400 shares of Martin, Inc.,
Preferred
63,500
65,100
$314,000
$306,000
All of the securities were purchased in 2020.
In 2021, Sage completed the following securities
transactions.
March 1
Sold the 1,500 shares of
Gordon, Inc., Common,...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $79,600 $74,700 5,000 shares of Wallace Corp., Common 170,900 165,800 400 shares of Martin, Inc., Preferred 65,800 67,200 $316,300 $307,700 All of the securities were purchased in 2020. In 2021, Indigo completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Ayayai Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,420 Anderson Corp. common shares, which cost $48,850; 12,100 Munter Ltd. common shares, which cost $580,700; and 6,360 King Corp. preferred shares, which cost $255,600. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,980; Munter Ltd. $569,600; and King Corp. $255,100. In 2021, Ayayai completed the following transactions: 1. On January 15, sold 2,420 Anderson common shares...
Sarasota Inc. owns shares of Ivanhoe Corporation stock. At December 31, 2020, the securities were carried in Sarasota's accounting records at their cost of $784,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,052,000, Sarasota declared a property dividend whereby the Ivanhoe securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates. (Credit account titles...
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...
Sunland Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc., Common
$79,600
$74,700
5,000 shares of Wallace Corp., Common
170,900
165,800
400 shares of Martin, Inc., Preferred
65,800
67,200
$316,300
$307,700
All of the securities were purchased in 2020.
In 2021, Sunland completed the following securities
transactions.
March 1
Sold the 1,500 shares of Gordon, Inc., Common,...
Marigold Ltd. had the following investment portfolio at January
1, 2020:
Investment
Quantity
Cost per
Share
Fair
Value
at Dec. 31, 2019
Earl Corp.
990
$14.30
$11.00
Josie Corp.
910
19.30
16.00
Asher Corp.
500
8.50
6.50
During 2020, the following transactions took place:
1.
On March 1, Josie Corp. paid a $2 per share dividend.
2.
On April 30, Marigold sold 300 shares of Asher Corp. for $9.30
per share.
3.
On May 15, Marigold purchased 200 more Earl...
Exercise 9-9 Sarasota Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019: Carrying Amount (before Investments adjustment) Fair Value 2,000 shares of David Jones Inc., common $91,000 $87,000 5,200 shares of Hearn Corp., common 171,600 164,500 420 shares of Alessandro Inc., preferred 63,000 64,900 $325,600 $316,100 In 2020, Sarasota completed the following securities transactions: Mar. 1 Sold...
Sage Company has the following securities in its portfolio on
December 31, 2020. None of these investments are accounted for
under the equity method.
Investments
Cost
Fair Value
1,500 shares of Gordon, Inc.,
Common
$77,600
$73,200
5,000 shares of Wallace
Corp., Common
172,900
167,700
400 shares of Martin, Inc.,
Preferred
63,500
65,100
$314,000
$306,000
All of the securities were purchased in 2020.
In 2021, Sage completed the following securities
transactions.
March 1
Sold the 1,500 shares of
Gordon, Inc., Common,...
Indigo Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $79,600 $74,700 5,000 shares of Wallace Corp., Common 170,900 165,800 400 shares of Martin, Inc., Preferred 65,800 67,200 $316,300 $307,700 All of the securities were purchased in 2020. In 2021, Indigo completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
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