Homework Answers
| Date | Particulars | Debit | Credit |
| Apr.11, 2020 | Investment In Shares A/c________Dr. | 399000 | - |
| To Bank A/c | - | 399000 | |
| (Being Investment made in the common stocks of Roddy Ltd.) | |||
| Dec. 31, 2020 | Investment In Shares A/c________Dr. | 39900 | |
| To Fair Value Gain A/c | - | 39900 | |
| (Being Fair value gain recorded at the year end) | |||
|
Mar., 3, 2021 |
Investment In Shares A/c________Dr. | 125400 | - |
| To Fair Value Gain A/c | - | 125400 | |
| (Being Fair value gain recorded on the date of disposal of asset) | |||
|
Mar.,3, 2021 |
Bank A/c______________Dr. | 564300 | |
| To Investment In Shares A/c | - | 564300 | |
| (Being disposal of Investment in Shares) |
Gain on disposal of investment to be included OCI in 2021- $ 125400
Income to be included in other comprehensive Income - $ 125400.
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prepare the journal entries for transactions in 2021 including
adjustment to fair value at date of...
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
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Corporation on July 1, 2020 at a price of $7 per share. Due to the
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Can't figure out the rest. Please let me know if I'm doing the rest right. PRINTER...
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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...
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
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Recovery of Loss from Impairment
Retained Earnings
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Ayayai Corporation made the following purchases of investments during 2020, the first year in which Ayayai...
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Bridgeport Corporation made the following purchases of investments during 2020, the first year in which Bridgeport...
Bridgeport Corporation made the following purchases of
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invested in equity securities:
1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
shares at $35.50 per share plus commission of $2,100.
2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
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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
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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
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No. Shares
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Fair Value
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900
$8.00
$7.00
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Exercise 9-11 Bramble Corporation made the following purchases of investments during 2020, the first year in...
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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...
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...
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...
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....
Bridgeport Corporation made the following purchases of
investments during 2020, the first year in which Bridgeport
invested in equity securities:
1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
shares at $35.50 per share plus commission of $2,100.
2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
$3,085....
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....
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...
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...
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