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
Homework Answers
Journal entries are attached below. Please refer
Thanks..
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Accounts Available:
Accumulated Other Comprehensive Income
Allowance for Investment Impairment
Bond Investment at Amortized Cost
Cash...
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...
Following is a list of investments owned by Tamarisk Ltd., as of the company’s year-end, December...
Following is a list of investments owned by Tamarisk Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 900 $9.00 $8.00 FDY Ltd. 2,400 6.80 6.85 CTN Corporation 3,400 6.10 6.80 On January 15, 2021, Tamarisk sold the shares in CTN Corporation for $7.25 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...
Can't figure out the rest. Please let me know if I'm doing the rest right. PRINTER...
Can't figure out the rest. Please let me know if I'm
doing the rest right.
PRINTER VERSION 4 BACK NEXT KES Question 2 Pearl 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, Pearl purchased 110 common shares of AFS Corporation on July 1, 2020 ata price of $5 per share. Due to the nature of the investment Pearl's management is accounting for...
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...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified as an available-for-sale investment. Because of unrealized losses prior to 2021, the Jones bonds have a fair value adjustment account with a credit balance of $550,000, such that the carrying value of the Jones Investment is $3,400,000 prior to making any adjusting entries In 2021. At December 31, 2021, the Jones Investment had a fair value of $2,850,000, and Stewart calculated that $300,000 of...
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....
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain...
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...
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...
On January 1, 2020, Metlock Corporation purchased 40% of the common shares of Bonita Company for...
On January 1, 2020, Metlock Corporation purchased 40% of the common shares of Bonita Company for $173,000. During the year, Bonita earned net income of $91,000 and paid dividends of $22,750. Prepare the entries for Metlock to record the purchase and any additional entries related to this investment in Bonita Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
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...
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...
Can't figure out the rest. Please let me know if I'm
doing the rest right.
PRINTER VERSION 4 BACK NEXT KES Question 2 Pearl 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, Pearl purchased 110 common shares of AFS Corporation on July 1, 2020 ata price of $5 per share. Due to the nature of the investment Pearl's management is accounting for...
Jones Inc. 6% bonds, purchased at face value, with an amortized cost of $3,950,000, and classified as an available-for-sale investment. Because of unrealized losses prior to 2021, the Jones bonds have a fair value adjustment account with a credit balance of $550,000, such that the carrying value of the Jones Investment is $3,400,000 prior to making any adjusting entries In 2021. At December 31, 2021, the Jones Investment had a fair value of $2,850,000, and Stewart calculated that $300,000 of...
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....
At December 31, 2017, the available-for-sale debt portfolio for Skysong, Inc. is as follows. Unrealized Gain (Loss) Security Cost Fair Value $27,000 25,200 45,900 $98,100 $(4,500) 2,700 4,500 $31,500 22,500 41,400 Total $95,400 Previous fair value adjustment balance-Dr. Fair value adjustment-Dr. 2,700 720 $1,980 On January 20, 2018, Skysong, Inc. sold security A for $27,180. The sale proceeds are net of brokerage fees. (a) Your answer is correct. Prepare the adjusting entry at December 31, 2017, to report the portfolio...
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...
On January 1, 2020, Metlock Corporation purchased 40% of the common shares of Bonita Company for $173,000. During the year, Bonita earned net income of $91,000 and paid dividends of $22,750. Prepare the entries for Metlock to record the purchase and any additional entries related to this investment in Bonita Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
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...
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