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Question 1: Intercorporate investments (16 marks) The following information is from the annual report of BBB...
Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair...
Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair market value. The Company evaluates whether the decline in fair value of its investments is other-than-temporary at each quarter-end. This evaluation consists of a review by management, and includes market pri information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer's financial condition and, if applicable, information on the guarantors financial condition. Factors considered...
QUESTION 4 (25 MARKS) Given below is the income summary for Travel Raya Bhd for the...
QUESTION 4 (25 MARKS) Given below is the income summary for Travel Raya Bhd for the years ended 31 December 2016 and 2017: Profit before taxation 2017 | 2016 (RM) (RM) 500,000 450,000 (150,000) (140,000) (50,000) (50,000) Taxation Ordinary dividens Additional information: i. On 1 January 2016, the issued share capital consisted of 2 million ordinary shares ii. On 1 January 2016, options were granted to employees to subscribe for 500,000 ordinary shares in Travel Raya Bhd for RM400,000 iii....
P17-10 (L02) EXCEL (Equity Investments) Castleman Holdings, Inc. had the following equity investment portfolio at January...
P17-10 (L02) EXCEL (Equity Investments) Castleman Holdings, Inc. had the following equity investment portfolio at January 1, 2017 Evers Company Rogers Company Chance Company 1,000 shares@$15 each 900 shares@ $20 each 500 shares@$9 each $15,000 18,000 4,500 Equity investments@cost Fair value adjustment 37,500 (7,500) Equity investments@ fair value $30,000 During 2017, the following transactions took place 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Castleman Holdings, Inc. sold 300 shares of Chance...
[The following information applies to the questions displayed below.j During January 2016, Optimu...
[The following information applies to the questions displayed below.j During January 2016, Optimum Glass Company purchased the following securities as its long-term available-for-sale securities investment portfolio D Corporation common stock: 11,900 shares (95,900 outstanding) at $10 per share F Corporation bonds: $310,000 (10-year, 9 percent) purchased at par (not to be held to maturity) Subsequent to acquisition, the following data were available 2016 2017 Net income reported at December 31: $40,000 $365,000 $50,000 557,000 D Corporation F Corporatlon Dividends and...
Cullumber Corporation is preparing the comparative financial statements for the annual report to its shareholders for...
Cullumber Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1.778,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,547,000. In both years, the company incurred a 11% Interest expense on $2,298,000 of debt, an obligation that requires interest-only payments for 5 years. The company...
Construction Forms Corporation buys securities to be available for sale when circumstances warrant, not to profit...
Construction Forms Corporation buys securities to be available for sale when circumstances warrant, not to profit from short-term differences in price and not necessarily to hold debt securities to maturity. The following selected transactions relate to investment activities of Construction Forms whose fiscal year ends on December 31. No investments were held by Construction Forms at the beginning of the year 2016 Mar. 2 Purchased 1 million Platinum Gauges, Inc., common shares for $21 million, including brokerage fees and commissions....
babam Q3 (15 marks). robots Information concerning the capital structure of the Acme Corporation is as...
babam Q3 (15 marks). robots Information concerning the capital structure of the Acme Corporation is as follows: 151 S o us December 31st 2016 2017 100,000 100,000 Common stock (# of shares) Convertible preferred stock (# of shares) 8% convertible bonds 20,000 20,000 $1,000,000 $1,000,000 During 2017 Acme paid dividends of $1 per share on its C/S and $1.40 per share on preferred stock (P/S). The P/S is convertible into 40,000 shares of C/S. The 6% convertible bonds are convertible...
Question 2 (25 marks) Unit 8 - Investments The Trendy Clothing Corporation reported the following transactions...
Question 2 (25 marks) Unit 8 - Investments The Trendy Clothing Corporation reported the following transactions for the year 2019: Jan.1 Purchased 35% of the common shares of Cool Hoodies Corporation for $550,000. This is a long-term investment giving Trendy Clothing significant influence over the operations of Cool Hoodies. Sept. 30 Received a $34,000 dividend on the Cool Hoodies Corporation stock. Dec. 31 Cool Hoodies Corporation reported net income of $167,500 for the year ended December 31, 2019. Dec....
Flounder, Inc. had the following equity investment portfolio at January 1, 2017. 970 shares @ $15...
Flounder, Inc. had the following equity investment portfolio at January 1, 2017. 970 shares @ $15 each 860 shares @ $20 each 530 shares @ $9 each Evers Company Rogers Company Chance Company Equity investments cost Fair value adjustment Equity investments fair value $14,550 17,200 4,770 36,520 (7,280) $29,240 During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Flounder, Inc. sold 320 shares of Chance Company...
Flounder, Inc. had the following equity investment portfolio at January 1, 2017 970 shares @ $15...
Flounder, Inc. had the following equity investment portfolio at January 1, 2017 970 shares @ $15 each 860 shares @ $20 each 530 shares @ $9 each $14,550 17,200 4,770 Evers Company Rogers Company Chance Company Equity investments cost Fair value adjustment Equity investments fair value 36,520 (7,280) $29,240 During 2017, the following transactions took place. 1. 2. 3. 4. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Flounder, Inc. sold 320 shares of...
Chapter 1 Intercorporate Investments: An Overview Held-to-maturity securities are recorded at amortized cost which approximates fair market value. The Company evaluates whether the decline in fair value of its investments is other-than-temporary at each quarter-end. This evaluation consists of a review by management, and includes market pri information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer's financial condition and, if applicable, information on the guarantors financial condition. Factors considered...
QUESTION 4 (25 MARKS) Given below is the income summary for Travel Raya Bhd for the years ended 31 December 2016 and 2017: Profit before taxation 2017 | 2016 (RM) (RM) 500,000 450,000 (150,000) (140,000) (50,000) (50,000) Taxation Ordinary dividens Additional information: i. On 1 January 2016, the issued share capital consisted of 2 million ordinary shares ii. On 1 January 2016, options were granted to employees to subscribe for 500,000 ordinary shares in Travel Raya Bhd for RM400,000 iii....
P17-10 (L02) EXCEL (Equity Investments) Castleman Holdings, Inc. had the following equity investment portfolio at January 1, 2017 Evers Company Rogers Company Chance Company 1,000 shares@$15 each 900 shares@ $20 each 500 shares@$9 each $15,000 18,000 4,500 Equity investments@cost Fair value adjustment 37,500 (7,500) Equity investments@ fair value $30,000 During 2017, the following transactions took place 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Castleman Holdings, Inc. sold 300 shares of Chance...
[The following information applies to the questions displayed below.j During January 2016, Optimum Glass Company purchased the following securities as its long-term available-for-sale securities investment portfolio D Corporation common stock: 11,900 shares (95,900 outstanding) at $10 per share F Corporation bonds: $310,000 (10-year, 9 percent) purchased at par (not to be held to maturity) Subsequent to acquisition, the following data were available 2016 2017 Net income reported at December 31: $40,000 $365,000 $50,000 557,000 D Corporation F Corporatlon Dividends and...
Cullumber Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1.778,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,547,000. In both years, the company incurred a 11% Interest expense on $2,298,000 of debt, an obligation that requires interest-only payments for 5 years. The company...
Construction Forms Corporation buys securities to be available for sale when circumstances warrant, not to profit from short-term differences in price and not necessarily to hold debt securities to maturity. The following selected transactions relate to investment activities of Construction Forms whose fiscal year ends on December 31. No investments were held by Construction Forms at the beginning of the year 2016 Mar. 2 Purchased 1 million Platinum Gauges, Inc., common shares for $21 million, including brokerage fees and commissions....
babam Q3 (15 marks). robots Information concerning the capital structure of the Acme Corporation is as follows: 151 S o us December 31st 2016 2017 100,000 100,000 Common stock (# of shares) Convertible preferred stock (# of shares) 8% convertible bonds 20,000 20,000 $1,000,000 $1,000,000 During 2017 Acme paid dividends of $1 per share on its C/S and $1.40 per share on preferred stock (P/S). The P/S is convertible into 40,000 shares of C/S. The 6% convertible bonds are convertible...
Flounder, Inc. had the following equity investment portfolio at January 1, 2017. 970 shares @ $15 each 860 shares @ $20 each 530 shares @ $9 each Evers Company Rogers Company Chance Company Equity investments cost Fair value adjustment Equity investments fair value $14,550 17,200 4,770 36,520 (7,280) $29,240 During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Flounder, Inc. sold 320 shares of Chance Company...
Flounder, Inc. had the following equity investment portfolio at January 1, 2017 970 shares @ $15 each 860 shares @ $20 each 530 shares @ $9 each $14,550 17,200 4,770 Evers Company Rogers Company Chance Company Equity investments cost Fair value adjustment Equity investments fair value 36,520 (7,280) $29,240 During 2017, the following transactions took place. 1. 2. 3. 4. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Flounder, Inc. sold 320 shares of...
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