Can't figure out the rest. Please let me know if I'm doing the rest right.
Homework Answers
Prepare the journal entries as follows:
| Date | Account Title and Explanation | Debit | Credit |
| July 1 | FV-OCI Investments (110 shares × $5 per share) | $550 | |
| 2020 | Cash | $550 | |
| To record purchase of investments | |||
| August 1 | Dividend Receivable (110 shares × $1 per share) | $110 | |
| 2020 | Dividend Revenue | $110 | |
| To record dividend receivable | |||
| August 20 | Cash | $110 | |
| 2020 | Dividend Receivable | $110 | |
| To record divided receivable collected | |||
| December 31 | FV-OCI Investments ($7 − $5) × 110 | $220 | |
| 2020 | Unrealized Gain or Loss - OCI | $220 | |
| To adjust to fair value | |||
| September | FV-OCI Investments ($8 − $7) × 110 | $110 | |
| 2021 | Unrealized Gain or Loss - OCI | $110 | |
| To adjust to fair value on the date of disposition | |||
| September | Cash ($8 × 110) | $880 | |
| 2021 | FV-OCI Investments | $880 | |
| To record sale of investments | |||
| September | Unrealized Gain or Loss - OCI ($8 − $5) × $110 | $330 | |
| 2021 | Retained Earnings | $330 | |
| To reclassify holding gain |
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Can't figure out the rest. Please let me know if I'm
doing the rest right.
PRINTER...
Accounts Available: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash...
Accounts Available:
Accumulated Other Comprehensive Income
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
Loss on Impairment
Loss on Sale of Investments
No Entry
Note Investment at Amortized Cost
Other Investments
Recovery of Loss from Impairment
Retained Earnings
Unrealized Gain or Loss - OCI...
Following is a list of investments owned by Culver Ltd., as of the company’s year-end, December...
Following is a list of investments owned by Culver Ltd., as of
the company’s year-end, December 31, 2020:
Investment
No. Shares
Cost
Fair Value
HFX Corporation
900
$8.00
$7.00
FDY Ltd.
2,800
6.00
6.05
CTN Corporation
4,000
6.30
7.10
On January 15, 2021, Culver sold the shares in CTN Corporation
for $7.60 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...
Tamarisk Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In order...
Tamarisk Ltd. is a Canadian publicly-traded business with a
December 31 fiscal year end. In order to get a better return on
some of its excess cash, Tamariskpurchased 150 common shares of AFS
Corporation on July 1, 2020 at a price of $7 per share. Due to the
nature of the investment Tamarisk’s management is accounting for
the equity investment using the fair-value through other
comprehensive income (FV-OCI) without recycling to net income. On
August 1, 2020, AFS declared dividends...
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...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost $48,650; 11,100 Munter Ltd, common shares, which cost $580,300; and 6,340 King Corp. preferred shares, which cost $255,200. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,580; Munter Ltd. $569,400; and King Corp. $254,900. In 2021, Swifty completed the...
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai...
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai invested in equity securities: 1. On January 15, purchased 8,100 shares of Nirmala Corp.'s common shares at $30.10 per share plus commission of $1,782. 2. On April 1, purchased 4,500 shares of Oxana Corp.'s common shares at $47 per share plus commission of $3,033 3. On September 10, purchased 6,300 shares of WTA Corp.'s preferred shares at $23.90 per share plus commission of $2,619....
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai...
Ayayai Corporation made the following purchases of investments
during 2020, the first year in which Ayayai invested in equity
securities:
1.
On January 15, purchased 8,100 shares of Nirmala Corp.’s common
shares at $30.10 per share plus commission of $1,782.
2.
On April 1, purchased 4,500 shares of Oxana Corp.’s common
shares at $47 per share plus commission of $3,033.
3.
On September 10, purchased 6,300 shares of WTA Corp.’s
preferred shares at $23.90 per share plus commission of
$2,619....
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Monty...
prepare the journal entries for transactions in 2021 including adjustment to fair value at date of...
prepare the journal entries for transactions in 2021 including
adjustment to fair value at date of disposal, to record disposal,
and to reclassify holding gain.
On April 11, 2020, Novak Corp. purchased as a long-term investment (accounted for using FV-OCI without recycling) 5,700 common shares of Roddy Ltd. for $70 per share, which represents a 2% interest. On December 31, 2020, the shares market price was $77 per share. On March 3, 2021, Novak sold all 5,700 shares of Roddy...
Additional Problem 9 Whispering Ltd. is a Canadian publicly-traded business with a December 31 fiscal year...
Additional Problem 9 Whispering Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In order to get a better return on some of its excess cash, Whispering purchased 240 common shares of AFS Corporation on July 1, 2017 at a price of $5 per share. On the day of acquisition, Whispering elected to account for the investment using the fair-value through other comprehensive income (FV-OCI) with recycling model. On August 1, 2017, AFS declared dividends of...
Accounts Available:
Accumulated Other Comprehensive Income
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
Loss on Impairment
Loss on Sale of Investments
No Entry
Note Investment at Amortized Cost
Other Investments
Recovery of Loss from Impairment
Retained Earnings
Unrealized Gain or Loss - OCI...
Following is a list of investments owned by Culver Ltd., as of
the company’s year-end, December 31, 2020:
Investment
No. Shares
Cost
Fair Value
HFX Corporation
900
$8.00
$7.00
FDY Ltd.
2,800
6.00
6.05
CTN Corporation
4,000
6.30
7.10
On January 15, 2021, Culver sold the shares in CTN Corporation
for $7.60 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...
Tamarisk Ltd. is a Canadian publicly-traded business with a
December 31 fiscal year end. In order to get a better return on
some of its excess cash, Tamariskpurchased 150 common shares of AFS
Corporation on July 1, 2020 at a price of $7 per share. Due to the
nature of the investment Tamarisk’s management is accounting for
the equity investment using the fair-value through other
comprehensive income (FV-OCI) without recycling to net income. On
August 1, 2020, AFS declared dividends...
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...
MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 9-4 Swifty Corp, has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost $48,650; 11,100 Munter Ltd, common shares, which cost $580,300; and 6,340 King Corp. preferred shares, which cost $255,200. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,580; Munter Ltd. $569,400; and King Corp. $254,900. In 2021, Swifty completed the...
Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai invested in equity securities: 1. On January 15, purchased 8,100 shares of Nirmala Corp.'s common shares at $30.10 per share plus commission of $1,782. 2. On April 1, purchased 4,500 shares of Oxana Corp.'s common shares at $47 per share plus commission of $3,033 3. On September 10, purchased 6,300 shares of WTA Corp.'s preferred shares at $23.90 per share plus commission of $2,619....
Ayayai Corporation made the following purchases of investments
during 2020, the first year in which Ayayai invested in equity
securities:
1.
On January 15, purchased 8,100 shares of Nirmala Corp.’s common
shares at $30.10 per share plus commission of $1,782.
2.
On April 1, purchased 4,500 shares of Oxana Corp.’s common
shares at $47 per share plus commission of $3,033.
3.
On September 10, purchased 6,300 shares of WTA Corp.’s
preferred shares at $23.90 per share plus commission of
$2,619....
Monty Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Monty...
prepare the journal entries for transactions in 2021 including
adjustment to fair value at date of disposal, to record disposal,
and to reclassify holding gain.
On April 11, 2020, Novak Corp. purchased as a long-term investment (accounted for using FV-OCI without recycling) 5,700 common shares of Roddy Ltd. for $70 per share, which represents a 2% interest. On December 31, 2020, the shares market price was $77 per share. On March 3, 2021, Novak sold all 5,700 shares of Roddy...
Additional Problem 9 Whispering Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In order to get a better return on some of its excess cash, Whispering purchased 240 common shares of AFS Corporation on July 1, 2017 at a price of $5 per share. On the day of acquisition, Whispering elected to account for the investment using the fair-value through other comprehensive income (FV-OCI) with recycling model. On August 1, 2017, AFS declared dividends of...
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