Homework Answers
|
Particulars |
Debit |
Credit | |
|
a |
Cash |
$271,360 |
|
|
To Gain on sale of Investment |
$61,440 |
||
| To equity investment(trading) | $209,920 | ||
|
b |
To equity investment(trading) |
$176,580 |
|
|
To cash |
$176,580 |
||
|
c |
Unrealized holding gain or loss - income |
$41,630 |
|
|
Fair value adjustment acc. |
$41,630 |
||
Working notes:
|
Stock |
Cost |
Fair Value |
Unrealized Gain(Loss) |
|
Monty inc Stock |
$147,030 |
$118,160 |
-$28,870 |
|
Patriot inc stock |
$176,580 |
$142,200 |
-$34,380 |
|
Oakward inc stock |
$189,000 |
$201,620 |
$12,620 |
| Fair value adjustment (beginning) | $9000 | ||
|
Fair value adjustment for 2017 |
-$41,630 |
||
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CALCULATOR PRINTER VERSION ellar Company has the following portfolio of investment securities at September 30, 2017,...
Pearl Company has the following portfolio of investment securities at September 30, 2020, its most recent...
Pearl Company has the following portfolio of investment
securities at September 30, 2020, its most recent reporting date.
Investment Securities Cost Fair Value Horton, Inc. common (4,800
shares) $206,400 $190,060 Monty, Inc. preferred (3,430 shares)
126,910 133,740 Oakwood Corp. common (1,020 shares) 179,520 178,470
On October 10, 2020, the Horton shares were sold at a price of $54
per share. In addition, 3,090 shares of Patriot common stock were
acquired at $56 per share on November 2, 2020. The December...
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Splish Company has the following portfolio of investment securities at September 30, 2020, its most recent...
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Skysong Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting d...
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Sandhill Company has the following portfolio of investment securities at September 30, 2020, its most recent...
Sandhill Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,540 shares) Monty, Inc. preferred (3,210 shares) Oakwood Corp. common (930 shares) Cost $199,760 121,980 155,310 Fair Value $185,890 128,450 154,310 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition, 3,200 shares of Patriot common stock were acquired at $53 per share on November 2, 2020. The December...
View Policies Current Attempt in Progress Cullumber Company has the following portfolio of investment securities at...
View Policies Current Attempt in Progress Cullumber Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,500 shares) Monty, Inc. preferred (3,830 shares) Oakwood Corp.common (980 shares) Cost $236,500 141,710 179,340 Fair Value $221,790 149,280 178,430 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition, 3,170 shares of Patriot common stock were acquired at $53 per share on...
Problem 17-5 Crane Company has the following securities in its investment portfolio on December 31, 2017...
Problem 17-5
Crane Company has the following securities in its investment
portfolio on December 31, 2017 (all securities were purchased in
2017): (1) 3,100 shares of Anderson Co. common stock which cost
$58,900, (2) 9,900 shares of Munter Ltd. common stock which cost
$564,300, and (3) 5,600 shares of King Company preferred stock
which cost $229,600. The Fair Value Adjustment account shows a
credit of $10,500 at the end of 2017.
In 2018, Crane completed the following securities
transactions.
1....
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017...
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $62,000, (2) 10,000 shares of Munter Ltd. common stock which cost $570,000, and (3) 6,600 shares of King Company preferred stock which cost $283,800. The Fair Value Adjustment account shows a credit of $10,800 at the end of 2017. In 2018, Pronghorn completed the following securities transactions. 1....
*Exercise 17-15 Pharoah Company has the following securities in its portfolio on December 31, 2017. None...
*Exercise 17-15 Pharoah Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method. Investments Cost - Fair Value $74,100 $69,900 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp., Common 400 shares of Martin, Inc., Preferred 178,400 173,900 63,200 64,600 $315,700 $308,400 All of the securities were purchased in 2017. In 2018, Pharoah completed the following securities transactions. March 1 April 1 Sold the 1,500...
Pearl Company has the following portfolio of investment
securities at September 30, 2020, its most recent reporting date.
Investment Securities Cost Fair Value Horton, Inc. common (4,800
shares) $206,400 $190,060 Monty, Inc. preferred (3,430 shares)
126,910 133,740 Oakwood Corp. common (1,020 shares) 179,520 178,470
On October 10, 2020, the Horton shares were sold at a price of $54
per share. In addition, 3,090 shares of Patriot common stock were
acquired at $56 per share on November 2, 2020. The December...
Indigo Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,870 shares) Monty, Inc. preferred (3,220 shares) Oakwood Corp. common (990 shares) Cost $204,540 125,580 176,220 Fair Value $188,780 133,000 175,320 On October 10, 2020, the Horton shares were sold at a price of $53 per share. In addition, 3,170 shares of Patriot common stock were acquired at $54 per share on November 2, 2020. The December...
Splish Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,180 shares) Monty, Inc. preferred (3,200 shares) Oakwood Corp.common (930 shares) Cost $217,560 115,200 171,120 Fair Value $204,010 121,760 170,150 On October 10, 2020, the Horton shares were sold at a price of $51 per share. In addition, 3,150 shares of Patriot common stock were acquired at $53 per share on November 2, 2020. The December 31,...
Skysong Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,670 shares) Monty, Inc. preferred (3,740 shares) Oakwood Corp. common (950 shares) Cost Fair Value $205,480 $190,250 145,860 153,180 161,500 160,470 On October 10, 2020, the Horton shares were sold at a price of $56 per share. In addition, 3,290 shares of Patriot common stock were acquired at $58 per share on November 2, 2020. The December...
Skysong Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,670 shares) Monty, Inc. preferred (3,740 shares) Oakwood Corp. common (950 shares) Cost Fair Value $205,480 $190,250 145,860 153,180 161,500 160,470 On October 10, 2020, the Horton shares were sold at a price of $56 per share. In addition, 3,290 shares of Patriot common stock were acquired at $58 per share on November 2, 2020. The December...
Sandhill Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (4,540 shares) Monty, Inc. preferred (3,210 shares) Oakwood Corp. common (930 shares) Cost $199,760 121,980 155,310 Fair Value $185,890 128,450 154,310 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition, 3,200 shares of Patriot common stock were acquired at $53 per share on November 2, 2020. The December...
View Policies Current Attempt in Progress Cullumber Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Horton, Inc. common (5,500 shares) Monty, Inc. preferred (3,830 shares) Oakwood Corp.common (980 shares) Cost $236,500 141,710 179,340 Fair Value $221,790 149,280 178,430 On October 10, 2020, the Horton shares were sold at a price of $52 per share. In addition, 3,170 shares of Patriot common stock were acquired at $53 per share on...
Problem 17-5
Crane Company has the following securities in its investment
portfolio on December 31, 2017 (all securities were purchased in
2017): (1) 3,100 shares of Anderson Co. common stock which cost
$58,900, (2) 9,900 shares of Munter Ltd. common stock which cost
$564,300, and (3) 5,600 shares of King Company preferred stock
which cost $229,600. The Fair Value Adjustment account shows a
credit of $10,500 at the end of 2017.
In 2018, Crane completed the following securities
transactions.
1....
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $62,000, (2) 10,000 shares of Munter Ltd. common stock which cost $570,000, and (3) 6,600 shares of King Company preferred stock which cost $283,800. The Fair Value Adjustment account shows a credit of $10,800 at the end of 2017. In 2018, Pronghorn completed the following securities transactions. 1....
*Exercise 17-15 Pharoah Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method. Investments Cost - Fair Value $74,100 $69,900 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp., Common 400 shares of Martin, Inc., Preferred 178,400 173,900 63,200 64,600 $315,700 $308,400 All of the securities were purchased in 2017. In 2018, Pharoah completed the following securities transactions. March 1 April 1 Sold the 1,500...
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