Homework Answers
| Millions $ | |||||
| S.No. | Account Titles | Debit | Credit | ||
| 1 | Fair Value Adjustment | 12 | |||
| Unrealized holding gain -NI | 12 | ||||
| ( 134 - 122) | |||||
| ( to record fair value adjustment ) | |||||
| 2 | Cash | 134 | |||
| Investment in Jackson Industry | 102 | ||||
| Fair Value Adjustment | 32 | ||||
| ( to record sale ) | |||||
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Required information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn...
Required Information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn...
Required Information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information (The following information applies to the questions displayed below.) On January 2, 2021, Sanborn...
Required information (The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 milion Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information [The following information applies to the questions displayed below.) 2 of 2 On January...
Required information [The following information applies to the questions displayed below.) 2 of 2 On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 million 2. Assume that Sanborn sold the stock on January 2,...
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90...
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2018, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31 2018. During 2018, Jackson declared a dividend of $60 million Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. Assume that Sanborn sold the stock on January 2, 2019...
1) Record the purchase of Jackson Industry capital stock for $91 million. 2) Record Sanborn Tobacco's...
1) Record the purchase of
Jackson Industry capital stock for $91 million.
2) Record Sanborn Tobacco's portion of Jackson Industry's net
income of $121 million.
3) Record the dividend revenue.
4) Record the fair value adjustment.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair...
JOURNAL ENTRY: 1) Record the entry to adjust to fair value on the date of sale....
JOURNAL ENTRY:
1) Record the entry to adjust to fair value on the date of
sale.
2) Record the sale of stock on January 2, 2022 for $112
million.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net Income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn...
On January 2, 2018, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $106...
On January 2, 2018, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $106 million Jackson Industry's net Income for the year ended December 31, 2018, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2018. During 2018, Jackson declared a dividend of $76 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2018 2. Assume that Sanborn sold the stock on January 2, 2019...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $530,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $473,852. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying...
On January 2, 2016, Sanborn Tobacco inc bought 10% of Jackson Industry's capital stock for $102...
On January 2, 2016, Sanborn Tobacco inc bought 10% of Jackson Industry's capital stock for $102 million as a temporary Investment. Sanborn classified the securtes acquired as avalable-for-sale. Jackson Industrys net Income for the year ended December 31, 2016, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2016 During 2016. Jackson declared a dvidend of $72 milion. Required: 1 Prepare all appropriate journal entries related to the Investment durtng 2016....
1) Record the entry for fair value adjustment of December 31, 2021. 2)Record the entry to...
1) Record the entry for fair value adjustment of
December 31, 2021.
2)Record the entry to adjust to fair value on the date
of sale
3) Record the entry to reverse the previous fair value
adjustment.
4) Record the entry for sale of investment in Coca
Cola bonds.
S&L Financial buys and sells securities which it classifies as available for sale. On December 27 2021. S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3,...
Required Information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information (The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 milion Required: 1. Prepare all appropriate journal entries related to the investment during 2021....
Required information [The following information applies to the questions displayed below.) 2 of 2 On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $106 million. Jackson Industry's net income for the year ended December 31, 2021, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2021. During 2021, Jackson declared a dividend of $76 million 2. Assume that Sanborn sold the stock on January 2,...
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2018, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31 2018. During 2018, Jackson declared a dividend of $60 million Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. Assume that Sanborn sold the stock on January 2, 2019...
1) Record the purchase of
Jackson Industry capital stock for $91 million.
2) Record Sanborn Tobacco's portion of Jackson Industry's net
income of $121 million.
3) Record the dividend revenue.
4) Record the fair value adjustment.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair...
JOURNAL ENTRY:
1) Record the entry to adjust to fair value on the date of
sale.
2) Record the sale of stock on January 2, 2022 for $112
million.
Required Information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net Income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn...
On January 2, 2018, Sanborn Tobacco Inc, bought 5% of Jackson Industry's capital stock for $106 million Jackson Industry's net Income for the year ended December 31, 2018, was $136 million. The fair value of the shares held by Sanborn was $130 million at December 31, 2018. During 2018, Jackson declared a dividend of $76 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2018 2. Assume that Sanborn sold the stock on January 2, 2019...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $530,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $473,852. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Increase in Carrying...
On January 2, 2016, Sanborn Tobacco inc bought 10% of Jackson Industry's capital stock for $102 million as a temporary Investment. Sanborn classified the securtes acquired as avalable-for-sale. Jackson Industrys net Income for the year ended December 31, 2016, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2016 During 2016. Jackson declared a dvidend of $72 milion. Required: 1 Prepare all appropriate journal entries related to the Investment durtng 2016....
1) Record the entry for fair value adjustment of
December 31, 2021.
2)Record the entry to adjust to fair value on the date
of sale
3) Record the entry to reverse the previous fair value
adjustment.
4) Record the entry for sale of investment in Coca
Cola bonds.
S&L Financial buys and sells securities which it classifies as available for sale. On December 27 2021. S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3,...
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