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Additional Problem 9 Whispering Ltd. is a Canadian publicly-traded business with a December 31 fiscal year...
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
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...
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...
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
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...
Whispering Winds Corp, has 8,700 shar is paid on December 31 es of common stock outstanding,...
Whispering Winds Corp, has 8,700 shar is paid on December 31 es of common stock outstanding, it declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.(Credit occount titles ore automatically indented when amount is entered. Do not and journal entries in the order presented in the problem f no entry is required, select"No...
Exercise 9-9 Pronghorn Corporation, a Canadian-based international company that follows IFRS 9, has the following securities...
Exercise 9-9 Pronghorn Corporation, a Canadian-based international company that follows IFRS 9, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2016: Carrying Amount (before Investments 1,300 shares of David Jones Inc., common 4,900 shares of Hearn Corp., common 450 shares of Alessandro Inc., preferred adjustment) $72,500 166,600 76,500 $315,600 Fair Value $67,900 161,800 79,000 $308,700 In 2017, Pronghorn completed the following securities transactions: Mar. 1...
Following is a list of investments owned by Tamarisk Ltd., as of the company’s year-end, December...
Following is a list of investments owned by Tamarisk Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 900 $9.00 $8.00 FDY Ltd. 2,400 6.80 6.85 CTN Corporation 3,400 6.10 6.80 On January 15, 2021, Tamarisk sold the shares in CTN Corporation for $7.25 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...
Lisgar Ltd. is a Canadian company with a December 31 year end. On February 1, 2009, Lisgar acquires 15,000 shares of a C...
Lisgar Ltd. is a Canadian company with a December 31 year end. On February 1, 2009, Lisgar acquires 15,000 shares of a Chinese corporation at a cost of 150 Yuan (Y, hereafter) per share. The total cost of the investment is Y2,250,000. On June 30, 2009, the Chinese company declares and pays a dividend of Y15 per share. When Lisgar closes its books on December 31, 2009, the fair value of the shares has increased to Y175 per share. On...
On January 1, 2020, Whispering Winds Corp. had the following stockholders' equity accounts. a) Journalize the...
On January 1, 2020, Whispering Winds Corp. had the following
stockholders' equity accounts.
a) Journalize the transactions and the closing entries for net
income and dividends. (Record journal entries in the
order presented in the problem. Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
Problem 9-4 Sheffield Corp. has the following securities (all purchased in 2017) in its investment portfolio...
Problem 9-4 Sheffield Corp. has the following securities (all purchased in 2017) in its investment portfolio on December 31, 2017: 2,600 Anderson Corp. common shares, which cost $49,660; 10,000 Munter Ltd. common shares, which cost $646,000; and 6,700 King Corp. preferred shares, which cost $278,720. Their fair values at the end of 2017 were as follows: Anderson Corp. $49,680; Munter Ltd. $635,150; and King Corp. $278,070 In 2018, Sheffield completed the following transactions: 1. 2. On January 15, sold 2,600...
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...
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...
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...
Whispering Winds Corp, has 8,700 shar is paid on December 31 es of common stock outstanding, it declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.(Credit occount titles ore automatically indented when amount is entered. Do not and journal entries in the order presented in the problem f no entry is required, select"No...
Exercise 9-9 Pronghorn Corporation, a Canadian-based international company that follows IFRS 9, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2016: Carrying Amount (before Investments 1,300 shares of David Jones Inc., common 4,900 shares of Hearn Corp., common 450 shares of Alessandro Inc., preferred adjustment) $72,500 166,600 76,500 $315,600 Fair Value $67,900 161,800 79,000 $308,700 In 2017, Pronghorn completed the following securities transactions: Mar. 1...
On January 1, 2020, Whispering Winds Corp. had the following
stockholders' equity accounts.
a) Journalize the transactions and the closing entries for net
income and dividends. (Record journal entries in the
order presented in the problem. Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
Problem 9-4 Sheffield Corp. has the following securities (all purchased in 2017) in its investment portfolio on December 31, 2017: 2,600 Anderson Corp. common shares, which cost $49,660; 10,000 Munter Ltd. common shares, which cost $646,000; and 6,700 King Corp. preferred shares, which cost $278,720. Their fair values at the end of 2017 were as follows: Anderson Corp. $49,680; Munter Ltd. $635,150; and King Corp. $278,070 In 2018, Sheffield completed the following transactions: 1. 2. On January 15, sold 2,600...
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...
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