Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Unrealized holding gain or loss - Income ($315600 - $308700) | $ 6,900 | |
| Securities fair value adjustment (Trading) | $ 6,900 | |
| Account Titles and Explanation | Debit | Credit |
| Cash [(1300 X $48.35) - $600] | $ 62,255 | |
| Loss on sale of securities ($72500 - $62255) | $ 10,245 | |
| Trading securities | $ 72,500 | |
| Account Titles and Explanation | Debit | Credit |
| Trading securities [(900 X $71) + $1100] | $ 65,000 | |
| Cash | $ 65,000 | |
| Account Titles and Explanation | Debit | Credit |
| Unrealized holding gain or loss - Income ($307000 - $299500) | $ 7500 | |
| Securities fair value adjustment (Trading) | $ 7500 |
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Exercise 9-9 Pronghorn Corporation, a Canadian-based international company that follows IFRS 9, has the following securities...
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...
Exercise 9-9 Bramble Corporation, a Canadian-based international company that follows IFRS, has the following securities in...
Exercise 9-9 Bramble 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: Investments Carrying Amount (before adjustment) Fair Value 1,600 shares of David Jones Inc., common $89,000 $84,800 4,600 shares of Hearn Corp., common 170,200 164,200 370 shares of Alessandro Inc., preferred 51,800 53,900 $311,000 $302,900 In 2020, Bramble completed the following securities transactions: Mar. 1 Sold...
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....
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $50,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 10 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. (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 enter 0...
rief Exercise 15-13 ronghorn Corporation has outstanding 484,000 shares of $10 par value common stock. The...
rief Exercise 15-13 ronghorn Corporation has outstanding 484,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $67 per share. repare the journal entries for Pronghorn Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. f no entry is required, select "No Entry" for the account titles and enter o...
On July 1, 2020, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a...
On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
Cash
$50,900
Accounts payable
$205,000
Accounts receivable
91,600
Stockholders’ equity
243,200
Inventory
107,000
$448,200
Land
41,600
Buildings (net)
75,600
Equipment (net)
69,900
Trademarks
11,600
$448,200
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2017, the first year in...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2017, the first year in which Bramble invested in equity securities: 1. On January 15, purchased 8,640 shares of Nirmala Corp.s common shares at $32.16 per share plus commission of $1,901 2. On April 1, purchased 4,800 shares of Oxana Corp.'s common shares at $50 per share plus commission of $3,235. 3. On September 10, purchased 6,720 shares of WTA Corp.s preferred shares at $25.44 per share plus commission...
Pronghorn Corporation issued 311 shares of $10 par value common stock and 112 shares of $50...
Pronghorn Corporation issued 311 shares of $10 par value common
stock and 112 shares of $50 par value preferred stock for a lump
sum of $15,678. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $100 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
1) 2) 3) 4) Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a...
1)
2)
3)
4)
Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (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 enter o for the amounts.) Date Account Titles and...
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...
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....
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
Brief Exercise 12-1 Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $50,000. The patent has a remaining legal life of 15 years. Pronghorn feels the patent will be useful for 10 years. Prepare Pronghorn's journal entries to record the purchase of the patent and 2017 amortization. (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 enter 0...
rief Exercise 15-13 ronghorn Corporation has outstanding 484,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $67 per share. repare the journal entries for Pronghorn Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. f no entry is required, select "No Entry" for the account titles and enter o...
On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
Cash
$50,900
Accounts payable
$205,000
Accounts receivable
91,600
Stockholders’ equity
243,200
Inventory
107,000
$448,200
Land
41,600
Buildings (net)
75,600
Equipment (net)
69,900
Trademarks
11,600
$448,200
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2017, the first year in which Bramble invested in equity securities: 1. On January 15, purchased 8,640 shares of Nirmala Corp.s common shares at $32.16 per share plus commission of $1,901 2. On April 1, purchased 4,800 shares of Oxana Corp.'s common shares at $50 per share plus commission of $3,235. 3. On September 10, purchased 6,720 shares of WTA Corp.s preferred shares at $25.44 per share plus commission...
Pronghorn Corporation issued 311 shares of $10 par value common
stock and 112 shares of $50 par value preferred stock for a lump
sum of $15,678. The common stock has a market price of $20 per
share, and the preferred stock has a market price of $100 per
share.
Prepare the journal entry to record the issuance.
(Round intermediate calculations to 6 decimal places,
e.g. 0.546872 and final answers to 0 decimal places, e.g., 1,520.
Credit account titles are automatically...
1)
2)
3)
4)
Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (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 enter o for the amounts.) Date Account Titles and...
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