Homework Answers
a) Prepare a current assets section
| Assets | ||
| Current assets | ||
| Available for sale investment, at cost | 110258 | |
| Plus unrealized gain (loss) on available for sale investment (880*10+52122) | 60922 | 171180 |
b) Balance sheet section (Selected stockholder's equity items)
| Stockholder's equity | |
| Retained earnings | 353900 |
| Unrealized gain (loss) on available for sale investments | 60922 |
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Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operations, Galileo Company...
Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of operations, Galileo Company...
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During 2048, its first year of operations, Galileo Company purchased two available for sale investments as follows: Security Hawking Inc. Pavlov Co. Shares Purchased 960 1,600 Cost $48,820 26,520 Assume that as of December 31, 20Y8, the Hawking Inc. stock had a market value of $52 per share, and the Pavlov Co stock had a market value of $20 per share. Galileo Company had net income of $322,800, and paid no dividends for the year ended December 31, 2048. All...
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