Homework Answers
a. Original cost of the AFS securities held on December 31, 2020 = Carrying value of AFS securities – Unrealized gains on AFS securities = $460,000 - $65,000 = $395,000.
b. Original cost of AFS securities sold = Cost on December 31, 2019 – Cost on December 31, 2020 = ($520,000 - $60,000) - $395,000 = $460,000 - $395,000 = $65,000
Cash received on the sale of AFS securities in 2020 = Original cost of AFS securities sold + Gains on sale of AFS securities = $65,000 + $20,000 = $85,000.
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The following information appears on Anderson Corporation's balance sheet at December 31, 2020, with comparative information...
Investment in AFS Securities The following information appears on Anderson Corporation's balance sheet at December 31,...
Investment in AFS Securities The following information appears on Anderson Corporation's balance sheet at December 31, 2020, with comparative information for December 31, 2019: 2020 2019 Noncurrent assets: AFS securities $460,000 $520,000 Equity: Accumulated other comprehensive income (AOCI) Unrealized gains on AFS securities 65,000 60,000 Anderson's 2020 income statement reports the following: Gains on sale of AFS securities 20,000 Anderson's 2020 statement of comprehensive income reports the following information: Unrealized gains on AFS securities 15,000 Reclassification of unrealized gains on...
At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. Security Cost...
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At December 31, 2020, the available-for-sale debt portfolio for Oriole, Inc. is as follows. 100 Security...
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Exercise 16-12 a-b (Part Level Submission) (Video) Sandhill Company has the following data at December 31, 2020....
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Problem 15-12 (AICPA Adapted) Nightmare Company provided the following information on December 31, 2019 regarding the...
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The following information relates to Oriole Co. for the year ended December 31, 2020: net income...
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The following information relates to Blue Co. for the year ended
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million on December 31, 2019. Assuming no other changes in
accumulated other comprehensive income.
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Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading...
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Exercise 16-12 a-b (Part Level Submission) (Video) Sandhill Company has the following data at December 31, 2020. Securities Cost Fair Value Trading $118,600 $123,200 Available-for-sale 103,800 90,600 The available-for-sale securities are held as a long-term investment. (a) (b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss) ace Sandhill Company Balance Sheet (Partial) December 31, 2020 Current Assets 123200 Investments Sandhill Company Income Statement (Partial) December 31, 2020 Sandhill, Company Comprehensive Income Statement December...
The following information relates to Oriole Co. for the year ended December 31, 2020: net income $1,180 million; unrealized holding loss of $9.9 million related to available-for-sale debt securities during the year; accumulated other comprehensive income of $55.2 million on December 31, 2019. Assuming no other changes in accumulated other comprehensive income. Determine (a) other comprehensive income for 2020, (b) comprehensive income for 2020, and (c) accumulated other comprehensive income at December 31, 2020. (Enter answers in millions to 1...
On January 1, 2020, Sarasota Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale) Total SARASOTA INC. BALANCE SHEET AS OF JANUARY 1, 2020 Equity $54,600 Common stock 238,100 Accumulated other comprehensive income $292,700 Total $273,300 19,400 $292,700 The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Sarasota Incis available-for-sale debt securities at December 31, 2020, was $203,800; its cost was $139,400. No securities were purchased during the year....
The following information relates to Blue Co. for the year ended
December 31, 2020: net income $1,193 million; unrealized holding
loss of $11.6 million related to available-for-sale debt securities
during the year; accumulated other comprehensive income of $58
million on December 31, 2019. Assuming no other changes in
accumulated other comprehensive income.
Determine (a) other comprehensive income for 2020, (b)
comprehensive income for 2020, and (c) accumulated other
comprehensive income at December 31, 2020. (Enter
answers in millions to 1...
Ayayai Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,420 Anderson Corp. common shares, which cost $48,850; 12,100 Munter Ltd. common shares, which cost $580,700; and 6,360 King Corp. preferred shares, which cost $255,600. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,980; Munter Ltd. $569,600; and King Corp. $255,100. In 2021, Ayayai completed the following transactions: 1. On January 15, sold 2,420 Anderson common shares...
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