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Cullumber Corporation has the following investment which was held throughout 2021-2022: Cost $908000 Fair Value 12/31/21...
Instrument Corporation has the following investment which was held throughout 2021-2022 Fair Value Cost 12/31/21 12/31/22...
Instrument Corporation has the following investment which was held throughout 2021-2022 Fair Value Cost 12/31/21 12/31/22 Equity investment $900,000 $1,200,000 $1,140,000 What amount of gain or loss would Instrument Corporation report in its income statement for the year ended December 31, 2022 related to its investment? You must include number followed by gain or loss to receive points. Answer:
1.) Rice Corporation has the following investment which was held throughout 2018–2019: Fair Value
1.) Rice Corporation has the following investment which was held throughout 2018–2019: Fair Value Cost 12/31/18 12/31/19 Equity Investment: $972,000 $1,281,000 $1,230,000 The equity investments is recorded using the fair value method as no ownership % is greater than 20%. What is the balance of the Fair Value Adjustment Account-Equity Investments at 12/31/2019? (Be sure to include debit or credit in your answer for example $10,000 debit) 2.) On its December...
Exercise 12-25 (Algo) Fair value option; held-to-maturity investments [LO12-1, 12-2, 12-3, 12-8] Tanner-UNF Corporation acquired as...
Exercise 12-25 (Algo) Fair value option; held-to-maturity investments [LO12-1, 12-2, 12-3, 12-8] Tanner-UNF Corporation acquired as a long-term investment $190 million of 8% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 10% for bonds of similar risk and maturity. Tanner-UNF paid...
Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the...
Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Unrealized Holding Gain (Loss) Cost Fair Value $ 508,000 464,000 $ 972,000 $ 391,000 508,000 $ 899,000 $(117,000) 44,000 $ (73,000) Short term: Blair, Inc. ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals $ 508,000 $ 574,000 706,000 674,000 $1,214,000...
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company...
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamentals investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired Distribution Transformers Corporation common stock for $400,000. Sep. 1 Acquired $900,000 of American Instruments' common stock. Sep. 30 Received a $16,000 dividend on the...
Available for sale Fair Value Fair Value Securities: 12/31/2020 12/31/2021 Cost LMN Co. Bonds $ 159,400...
Available for sale Fair Value Fair Value Securities: 12/31/2020 12/31/2021 Cost LMN Co. Bonds $ 159,400 $ 170,800 $157,000 What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020? a) $ 730,900 b) $ 738400 c) $713800 d)None of these
what do you mean 1:11 PM Sun Feb 9 20% C16 #2 Exercise 16-12a-b (Video) Cullumber...
what do you mean
1:11 PM Sun Feb 9 20% C16 #2 Exercise 16-12a-b (Video) Cullumber Company has the following data at December 31, 2020. Securities Fair Value Trading Available for sale Cost $119,400 102,100 $126,900 90,500 The available-for-sale securities are held as a long-term investment Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Multiple Choice Question 89 On its December 31, 2017 balance sheet, Cullumber Company appropriately reported a...
Multiple Choice Question 89 On its December 31, 2017 balance sheet, Cullumber Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2018 in the composition of Cumber's portfolio of debt investments held as available for sale debt securities. The following information pertains to that portfolio: Security Cost Fair value at 12/31/18 $105000 $97000 78000 79000 81000 142000 $317000 $265000 What amount of unrealized loss on these debt securities should be included...
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...
I will give thumbs up for correct answers! On March 31, 2021, Chow Brothers, Inc., bought...
I will give thumbs up for correct answers!
On March 31, 2021, Chow Brothers, Inc., bought 8% of KT Manufacturing's capital stock for $53.3 million. KT's net income for the year ended December 31, 2021, was $81.1 million. The fair value of the shares held by Chow was $37.2 million at December 31, 2021. KT did not declare or pay a dividend during 2021. Required: 1. Prepare all appropriate journal entries related to the investment during 2021. 2. Assume that...
Instrument Corporation has the following investment which was held throughout 2021-2022 Fair Value Cost 12/31/21 12/31/22 Equity investment $900,000 $1,200,000 $1,140,000 What amount of gain or loss would Instrument Corporation report in its income statement for the year ended December 31, 2022 related to its investment? You must include number followed by gain or loss to receive points. Answer:
Exercise 12-25 (Algo) Fair value option; held-to-maturity investments [LO12-1, 12-2, 12-3, 12-8] Tanner-UNF Corporation acquired as a long-term investment $190 million of 8% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 10% for bonds of similar risk and maturity. Tanner-UNF paid...
Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Unrealized Holding Gain (Loss) Cost Fair Value $ 508,000 464,000 $ 972,000 $ 391,000 508,000 $ 899,000 $(117,000) 44,000 $ (73,000) Short term: Blair, Inc. ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals $ 508,000 $ 574,000 706,000 674,000 $1,214,000...
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamentals investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired Distribution Transformers Corporation common stock for $400,000. Sep. 1 Acquired $900,000 of American Instruments' common stock. Sep. 30 Received a $16,000 dividend on the...
what do you mean
1:11 PM Sun Feb 9 20% C16 #2 Exercise 16-12a-b (Video) Cullumber Company has the following data at December 31, 2020. Securities Fair Value Trading Available for sale Cost $119,400 102,100 $126,900 90,500 The available-for-sale securities are held as a long-term investment Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Multiple Choice Question 89 On its December 31, 2017 balance sheet, Cullumber Company appropriately reported a $10,000 debit balance in its Fair Value Adjustment account. There was no change during 2018 in the composition of Cumber's portfolio of debt investments held as available for sale debt securities. The following information pertains to that portfolio: Security Cost Fair value at 12/31/18 $105000 $97000 78000 79000 81000 142000 $317000 $265000 What amount of unrealized loss on these debt securities should be included...
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...
I will give thumbs up for correct answers!
On March 31, 2021, Chow Brothers, Inc., bought 8% of KT Manufacturing's capital stock for $53.3 million. KT's net income for the year ended December 31, 2021, was $81.1 million. The fair value of the shares held by Chow was $37.2 million at December 31, 2021. KT did not declare or pay a dividend during 2021. Required: 1. Prepare all appropriate journal entries related to the investment during 2021. 2. Assume that...
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