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On the Dec. 31, 2019, balance sheet, a company reported the following: Investment in common stock...
Presented below is information related to the purchases of common stock by Flounder Company during 2020....
Presented below is information related to the purchases of common stock by Flounder Company during 2020. Cost (at purchase date) Fair Value (at December 31) Investment in Arroyo Company stock $104,000 $85,000 Investment in Lee Corporation stock 273,000 328,000 Investment in Woods Inc. stock 173,000 182,000 Total $550,000 $595,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Flounder make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses...
Presented below is information related to the purchases of common stock by Lilly Company during 2020....
Presented below is information related to the purchases of common stock by Lilly Company during 2020. Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock Total Cost (at purchase date) $100,000 250,000 180,000 $530,000 Fair Value (at December 31) $80,000 300,000 190,000 $570,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Lilly make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses...
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock...
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Sunland $3,140,000 12/6/18 Dividend received 390,000 12/5/19 Dividend received 530,000 $140,000 230,000 On January 2, 2020, Bramble sold 108,000 shares of Sunland for $3,320,000, thereby losing its significant influence. During the year 2020, Sunland experienced the following results of operations and...
Whispering Corp. was a 30% owner of Metlock Company, holding 204,000 shares of Metlock’s common stock...
Whispering Corp. was a 30% owner of Metlock Company, holding
204,000 shares of Metlock’s common stock on December 31, 2019. The
investment account had the following entries.
Investment in Metlock
1/1/18 Cost
$3,140,000
12/6/18 Dividend
received
$160,000
12/31/18 Share of income
390,000
12/5/19 Dividend
received
250,000
12/31/19 Share of income
520,000
On January 2, 2020, Whispering sold 102,000 shares of Metlock for
$3,360,000, thereby losing its significant influence. During the
year 2020, Metlock experienced the following results of operations
and...
Splish Corp. was a 30% owner of Blossom Company, holding 210,000 shares of Blossom's common stock...
Splish Corp. was a 30% owner of Blossom Company, holding 210,000 shares of Blossom's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Blossom $3,100,000 12/6/18 Dividend received 410.000 12/5/19 Dividend received 480.000 $150,000 260.000 On January 2, 2020, Splish sold 126,000 shares of Blossom for $3,370,000, thereby losing its significant influence. During the year 2020, Blossom experienced the following results of operations and...
if 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of...
if 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is a. the cost method. b. the equity method. C. the preparation of consolidated financial statements. d. determined by agreement with whomever owns the remaining 90% of the stock. On January 1, 2020, Jamestina Corp. paid $1,800,000 for 100,000 shares of Belinda Company's common stock, which represents 25% of Belinda's outstanding common stock. Belinda reported net...
Exercise 17-19 Presented below is information related to the purchases of common stock by Blossom Company...
Exercise 17-19 Presented below is information related to the purchases of common stock by Blossom Company during 2020. Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock Total Cost (at purchase date) $102,000 253,000 192,000 $547,000 Fair Value (at December 31) $80,000 301,000 201,000 $582,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) (b) What entry would Blossom make at December 31, 2020, to record the investment in Arroyo Company stock...
Splish Company has the following investments as of December 31, 2020: Investments in common stock of...
Splish Company has the following investments as of December 31, 2020: Investments in common stock of Laser Company $1,540,000 Investment in debt securities of FourSquare Company $3,590,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Splish’s stock investments does not result in significant influence on the operations of Laser Company. Splish’s debt investment is considered held-to-maturity. At December 31, 2021, the shares in Laser Company are valued...
On Dec 31, a count of the supplies account indicates a balance of $ 1,200. At...
On Dec 31, a count of the supplies account indicates a balance of $ 1,200. At Dec 1, the supplies account had a balance of $2,000. What statement is correct with regard to the applicable adjusting journal entry? Supplies is debited for $ 1,200 Supplies is credited for $ 1,200 Supplies is debited for $ 800 Supplies is credited for $ 800
Sheridan Company has the following investments as of December 31, 2020: Investments in common stock of...
Sheridan Company has the following investments as of December 31, 2020: Investments in common stock of Laser Company Investment in debt securities of FourSquare Company $1,630,000 $3,240,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Sheridan's stock investments does not result in significant influence on the operations of Laser Company. Sheridan's debt investment is considered held-to-maturity. At December 31, 2021, the shares in Laser Company are valued...
Presented below is information related to the purchases of common stock by Lilly Company during 2020. Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock Total Cost (at purchase date) $100,000 250,000 180,000 $530,000 Fair Value (at December 31) $80,000 300,000 190,000 $570,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Lilly make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses...
Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Sunland $3,140,000 12/6/18 Dividend received 390,000 12/5/19 Dividend received 530,000 $140,000 230,000 On January 2, 2020, Bramble sold 108,000 shares of Sunland for $3,320,000, thereby losing its significant influence. During the year 2020, Sunland experienced the following results of operations and...
Whispering Corp. was a 30% owner of Metlock Company, holding
204,000 shares of Metlock’s common stock on December 31, 2019. The
investment account had the following entries.
Investment in Metlock
1/1/18 Cost
$3,140,000
12/6/18 Dividend
received
$160,000
12/31/18 Share of income
390,000
12/5/19 Dividend
received
250,000
12/31/19 Share of income
520,000
On January 2, 2020, Whispering sold 102,000 shares of Metlock for
$3,360,000, thereby losing its significant influence. During the
year 2020, Metlock experienced the following results of operations
and...
Splish Corp. was a 30% owner of Blossom Company, holding 210,000 shares of Blossom's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Blossom $3,100,000 12/6/18 Dividend received 410.000 12/5/19 Dividend received 480.000 $150,000 260.000 On January 2, 2020, Splish sold 126,000 shares of Blossom for $3,370,000, thereby losing its significant influence. During the year 2020, Blossom experienced the following results of operations and...
if 25% of the common stock of an investee company is purchased as a long-term investment, the appropriate method of accounting for the investment is a. the cost method. b. the equity method. C. the preparation of consolidated financial statements. d. determined by agreement with whomever owns the remaining 90% of the stock. On January 1, 2020, Jamestina Corp. paid $1,800,000 for 100,000 shares of Belinda Company's common stock, which represents 25% of Belinda's outstanding common stock. Belinda reported net...
Exercise 17-19 Presented below is information related to the purchases of common stock by Blossom Company during 2020. Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock Total Cost (at purchase date) $102,000 253,000 192,000 $547,000 Fair Value (at December 31) $80,000 301,000 201,000 $582,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) (b) What entry would Blossom make at December 31, 2020, to record the investment in Arroyo Company stock...
Sheridan Company has the following investments as of December 31, 2020: Investments in common stock of Laser Company Investment in debt securities of FourSquare Company $1,630,000 $3,240,000 In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Sheridan's stock investments does not result in significant influence on the operations of Laser Company. Sheridan's debt investment is considered held-to-maturity. At December 31, 2021, the shares in Laser Company are valued...
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