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7 of 16 (16 complete) L & J purchased common shares of Company A and B...
19. Porter Company purchased 1,400 shares of the Krafty Group common stock for $53,200 (i.e., $38...
19. Porter Company purchased 1,400 shares of the Krafty Group common stock for $53,200 (i.e., $38 per share) at the beginning of the current year. There were 28,000 outstanding Krafty shares on the date of acquisition. Porter Company classifies its investment in Krafty as part of its available-for-sale portfolio. Total stockholders' equity of Krafty Company is $1,090,000 on the date of acquisition. Krafty reported $350,000 in net income and declared and paid $1.70 per share cash dividends at year-end. Read...
Exercise 16-12 a-b (Part Level Submission) (Video) Sandhill Company has the following data at December 31, 2020....
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...
On January 1, 2020, Pharoah Company had cash and common shares of $80,000. At that date,...
On January 1, 2020, Pharoah Company had cash and common shares of $80,000. At that date, the company had no other asset, liability, or shareholders’ equity balances. On January 2, 2020, Pharoah Company paid $60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Pharoah Company received non-taxable cash dividends of $26,000 and had an unrealized holding gain of $29,000 (net of tax) on these securities. Determine the following amounts...
Sheffield Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (31,200...
Sheffield Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (31,200 shares issued, unlimited authorized) $ 780,000 Retained Earnings 1,522,000 Contributed Surplus 144,000 Accumulated Other Comprehensive Income 38,300 During the year ended December 31, 2020, the following summary transactions occurred: Net income earned during the year $ 383,000 Unrealized gain on fair value through other comprehensive income (FV-OCI) investments 20,000 Reduction of contributed surplus during the year due to repurchase of common shares 17,000 Reduction...
PM Distributors began Year 2 with Equity Investments of $8,400 (which consisted of a single investment)...
PM Distributors began Year 2 with Equity Investments of $8,400 (which consisted of a single investment) as well as a debit balance of $900 in the Fair Value Adjustment − Equity Investments account. PM does not have significant influence over the investee, and the investment has a readily determinable fair value. This trading security was sold for $9,300 during Year 2. How much was the gain or loss for the sale of this investments and how is it recorded? A....
Brief Exercise 12-9 Hiroole Inc., a publicly traded company, purchased 30% of Dong Ltd.'s common shares...
Brief Exercise 12-9 Hiroole Inc., a publicly traded company, purchased 30% of Dong Ltd.'s common shares for $229,000 on January 1. During the year, Dong reported net income of $315,000 and declared and paid dividends of $38,000. The investment's fair value at December 31 was $274,000, the company's year end. Determine the accounts and balances that would appear on the income statement at the end of the current year, and identify where those accounts are presented on that statement assuming...
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...
Dewey Corporation owns 30 percent of the common stock of Jimm Company, which it purchased at...
Dewey Corporation owns 30 percent of the common stock of Jimm Company, which it purchased at underlying book value on January 1, 20X5. Dewey reported a balance of $309,000 for its investment in Jimm Company on January 1, 20X5, and $334,800 at December 31, 20X5. During 20X5, Dewey and Jimm Company reported operating income of $359,000 and $72,000, respectively. Jimm received dividends from investments in marketable equity securities in the amount of $9,000 during 20X5. It also reported an increase...
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading...
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading...
QUESTION 21 On January 3, 2018, Jacob Company purchased 25% of the 100,000 shares of common...
QUESTION 21 On January 3, 2018, Jacob Company purchased 25% of the 100,000 shares of common stock of Matthew Corporation, paying $1,700,000. There was no goodwill or other cost allocation associated with the investment. Jacob has significant influence over Matthew. During 2018, Matthew reported net income of $600,000 and paid $200,000 in dividends. On January 4, 2019. Jacob sold 11,250 shares for $800,000 What is the gain/loss on the sale of the 11,250 shares? $10,000 gain $15,000 loss $12,000 loss,...
19. Porter Company purchased 1,400 shares of the Krafty Group common stock for $53,200 (i.e., $38 per share) at the beginning of the current year. There were 28,000 outstanding Krafty shares on the date of acquisition. Porter Company classifies its investment in Krafty as part of its available-for-sale portfolio. Total stockholders' equity of Krafty Company is $1,090,000 on the date of acquisition. Krafty reported $350,000 in net income and declared and paid $1.70 per share cash dividends at year-end. Read...
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...
Brief Exercise 12-9 Hiroole Inc., a publicly traded company, purchased 30% of Dong Ltd.'s common shares for $229,000 on January 1. During the year, Dong reported net income of $315,000 and declared and paid dividends of $38,000. The investment's fair value at December 31 was $274,000, the company's year end. Determine the accounts and balances that would appear on the income statement at the end of the current year, and identify where those accounts are presented on that statement assuming...
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...
Exercise 16-12 a-b (Video) Sheridan Company has the following data at December 31, 2020. Securities Trading Available-for-sale Cost $121,500 101,100 Fair Value $125,000 93,800 The available-for-sale securities are held as a long-term investment. Your answer is correct. Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit acc entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit (1) Fair Value Adjustment-Trading...
QUESTION 21 On January 3, 2018, Jacob Company purchased 25% of the 100,000 shares of common stock of Matthew Corporation, paying $1,700,000. There was no goodwill or other cost allocation associated with the investment. Jacob has significant influence over Matthew. During 2018, Matthew reported net income of $600,000 and paid $200,000 in dividends. On January 4, 2019. Jacob sold 11,250 shares for $800,000 What is the gain/loss on the sale of the 11,250 shares? $10,000 gain $15,000 loss $12,000 loss,...
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