No. | Account Titles and Explanation | Debit | Credit |
(4) | Fair value adjustment | 8240 | |
Unrealized holding gain or loss-equity | 8240 | ||
(8) | Fair value adjustment | 4050 | |
Unrealized holding gain or loss-equity | 4050 |
Working:
(4) | Investment | # of shares | Cost | Fair Value | Unrealized gain (loss) |
Evers Co. | 1060 | 15990 | 18020 | 2030 | |
Rogers Co. | 860 | 17200 | 16340 | -860 | |
Chance Co. | 210 | 1890 | 1680 | -210 | |
35080 | 36040 | 960 | |||
Fair value adjustment (balance required) Dr. | 960 | ||||
Existing balance Cr. | 7280 | ||||
Adjustment required Dr. | 8240 | ||||
(8) | Investment | # of shares | Cost | Fair Value | Unrealized gain (loss) |
Evers Co. | 1060 | 15990 | 20140 | 4150 | |
Rogers Co. | 860 | 17200 | 18060 | 860 | |
33190 | 38200 | 5010 | |||
Fair value adjustment (balance required) Dr. | 5010 | ||||
Existing balance Dr. | 960 | ||||
Adjustment required Dr. | 4050 |
Flounder, Inc. | ||
Balance Sheet (Partial) | ||
December 31, 2017 | December 31, 2018 | |
Current assets: | ||
Dividend receivable | 0 | 3180 |
Long-term investments: | ||
Equity investments | 36040 | 38200 |
Flounder, Inc. had the following equity investment portfolio at January 1, 2017 970 shares @ $15...
Flounder, Inc. had the following equity investment portfolio at January 1, 2017. 970 shares @ $15 each 860 shares @ $20 each 530 shares @ $9 each Evers Company Rogers Company Chance Company Equity investments cost Fair value adjustment Equity investments fair value $14,550 17,200 4,770 36,520 (7,280) $29,240 During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Flounder, Inc. sold 320 shares of Chance Company...
Swifty, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 970 shares @ $16 each $15,520 Rogers Company 890 shares @ $19 each $16,910 Chance Company 510 shares @ $9 each $4,590 Equity investments @ cost 37,020 Fair value adjustment (7,490 ) Equity investments @ fair value $29,530 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Swifty, Inc. sold 310 shares...
P17-10 (L02) EXCEL (Equity Investments) Castleman Holdings, Inc. had the following equity investment portfolio at January 1, 2017 Evers Company Rogers Company Chance Company 1,000 shares@$15 each 900 shares@ $20 each 500 shares@$9 each $15,000 18,000 4,500 Equity investments@cost Fair value adjustment 37,500 (7,500) Equity investments@ fair value $30,000 During 2017, the following transactions took place 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Castleman Holdings, Inc. sold 300 shares of Chance...
Crane, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,050 shares @ $15 each $15,750 Rogers Company 890 shares @ $22 each 19,580 Chance Company 490 shares @ $8 each 3,920 Equity investments @ cost 39,250 Fair value adjustment (7,510 ) Equity investments @ fair value $31,740 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Crane, Inc. sold 300 shares...
Problem 17-10 Pharoah, Inc. had the following equity investment portfolio at January 1, 2017 $13,300 950 shares @ $14 each 900 shares @ $20 each 480 shares @ $10 each Evers Company Rogers Company Chance Company Equity investments @ cost Fair value adjustment Equity investments @ fair value 18,000 4,800 36,100 (7.260 ) $28,840S During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Pharoah, Inc. sold...
Headland, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 950 shares @ $16 each $15,200 Rogers Company 910 shares @ $20 each 18,200 Chance Company 480 shares @ $8 each 3,840 Equity investments @ cost 37,240 Fair value adjustment (7,240 ) Equity investments @ fair value $30,000 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Headland, Inc....
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