Homework Answers
| Account title and description | Debit | Credit |
| 1. Unrealized holding gain /loss (income) $325,600-$316,400 | $9200 | |
| Security FV adjustment (Trading) | $9200 | |
| 2. Cash ($2000*38)-$400 | $75600 | |
| Loss on sale of securities ($91000-75600) | $15,400 | |
| Trading securities | $91,000 | |
| 3. Trading securities (700*71)+1100 | $50,800 | |
| Cash | $50,800 | |
| 4. Unrealized holding gain /loss - income ($284,300-$272,300) | $12,000 | |
| Securities FV adjustment(Trading) | $12000 | |
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Exercise 9-9 Sarasota Corporation, a Canadian-based international company that follows IFRS, has the following securities in...
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...
Exercise 9-9 Bramble Corporation, a Canadian-based international company that follows IFRS, has the following securities in...
Exercise 9-9 Bramble 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: Investments Carrying Amount (before adjustment) Fair Value 1,600 shares of David Jones Inc., common $89,000 $84,800 4,600 shares of Hearn Corp., common 170,200 164,200 370 shares of Alessandro Inc., preferred 51,800 53,900 $311,000 $302,900 In 2020, Bramble completed the following securities transactions: Mar. 1 Sold...
Sarasota Inc. owns shares of Ivanhoe Corporation stock. At December 31, 2020, the securities were carried...
Sarasota Inc. owns shares of Ivanhoe Corporation stock. At December 31, 2020, the securities were carried in Sarasota's accounting records at their cost of $784,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,052,000, Sarasota declared a property dividend whereby the Ivanhoe securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates. (Credit account titles...
On January 1, 2020, Sarasota Inc. had the following balance sheet. Assets Cash Debt investments (available-for-sale)...
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....
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31,...
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Sarasota's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented...
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017...
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $62,000, (2) 10,000 shares of Munter Ltd. common stock which cost $570,000, and (3) 6,600 shares of King Company preferred stock which cost $283,800. The Fair Value Adjustment account shows a credit of $10,800 at the end of 2017. In 2018, Pronghorn completed the following securities transactions. 1....
The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a...
The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a large portion of Sarasota's past-due accounts receivable. Sarasota agrees to sell $1,960,000 of accounts receivable to Bridgeport with recourse. Sarasota's controller estimates that the fair value of Sarasota's liability to pay Bridgeport for uncollectible accounts is $178,000. Bridgeport will charge Sarasota 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%. Calculate the net proceeds and...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2017, the first year in...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2017, the first year in which Bramble invested in equity securities: 1. On January 15, purchased 8,640 shares of Nirmala Corp.s common shares at $32.16 per share plus commission of $1,901 2. On April 1, purchased 4,800 shares of Oxana Corp.'s common shares at $50 per share plus commission of $3,235. 3. On September 10, purchased 6,720 shares of WTA Corp.s preferred shares at $25.44 per share plus commission...
1) 2) 3) 4) Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a...
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Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (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 enter o for the amounts.) Date Account Titles and...
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...
Sarasota Inc. owns shares of Ivanhoe Corporation stock. At December 31, 2020, the securities were carried in Sarasota's accounting records at their cost of $784,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,052,000, Sarasota declared a property dividend whereby the Ivanhoe securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates. (Credit account titles...
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....
Whispering Winds Corp. has the following securities in its portfolio of equity securities on December 31, 2021: Cost 5,000 shares of Thomas Corp., Common $151,000 10,000 shares of Gant, Common 180,000 $331,000 Fair Value $138,600 187,700 $326,300 All of the securities had been purchased in 2021. In 2022, Whispering Winds Corp. completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 610 shares of Werth Stores, Common...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Sarasota's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented...
Problem 17-5 Pronghorn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $62,000, (2) 10,000 shares of Munter Ltd. common stock which cost $570,000, and (3) 6,600 shares of King Company preferred stock which cost $283,800. The Fair Value Adjustment account shows a credit of $10,800 at the end of 2017. In 2018, Pronghorn completed the following securities transactions. 1....
The controller for Sarasota Corporation has reached an agreement with Bridgeport Financing Ltd. to sell a large portion of Sarasota's past-due accounts receivable. Sarasota agrees to sell $1,960,000 of accounts receivable to Bridgeport with recourse. Sarasota's controller estimates that the fair value of Sarasota's liability to pay Bridgeport for uncollectible accounts is $178,000. Bridgeport will charge Sarasota 8% of the total receivables balance as a financing fee, and will withhold an initial amount of 9%. Calculate the net proceeds and...
Exercise 9-11 Bramble Corporation made the following purchases of investments during 2017, the first year in which Bramble invested in equity securities: 1. On January 15, purchased 8,640 shares of Nirmala Corp.s common shares at $32.16 per share plus commission of $1,901 2. On April 1, purchased 4,800 shares of Oxana Corp.'s common shares at $50 per share plus commission of $3,235. 3. On September 10, purchased 6,720 shares of WTA Corp.s preferred shares at $25.44 per share plus commission...
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2)
3)
4)
Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (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 enter o for the amounts.) Date Account Titles and...
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