As of December 31, the Church's investment portfolio, which does not include the donated stock, is worth $427,500. Prepare any necessary journal entries in order to record the change in the portfolio's value. DO NOT GIVE SOLUTION IN IMAGE FORMAT
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As of December 31, the Church's investment portfolio, which does not include
the donated stock, is worth $427,500. Prepare any necessary
record the change in the portfolio's value.
DO NOT GIVE SOLUTION IN IMAGE FORMAT
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Solved in 2 steps
- Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 2023 Mar. 1 Paid $67,980 to purchase a $67,000, two-year, 7.0% bond payable of Action Corporation dated March 1. There was a $95 transaction fee included in the above - noted payment amount. Interest is paid quarterly beginning June 1. Management intends to actively trade bond purchases. Apr. 16 Bought 2,700 common shares of Brandon Motors at $27.00. There was a $95 transaction fee included in the above-noted payment amount. May 2 Paid $52,968 to purchase a five-year, 4.50%, $ 54,000 bond payable of Collingwood Corporation. There was a $95 transaction fee included in the above-noted payment amount. Interest is paid annually each April 30. June 1 Received a…On December 12, 2021, an investment in equity securities costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment in equity securities account.Required:1. Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2021. (Ignore income taxes.)2. Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (Ignore income taxes.)On December 12, 2024, an Investment in equity securities costing $84,000 was sold for $108,000. The total of the sale proceeds was credited to the Investment in equity securities account Required: 1. Prepare the Journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2024. (Ignore Income taxes.) 2. Prepare the journal entry to correct the error assuming It is not discovered until early 2025. (Ignore income taxes.)
- On January 1, the Valuation Allowance for Trading Investments account has a zero balance. On December 31, the cost of trading securities portfolio was $64,200, and the fair value was $67,000. Prepare the December 31 adjusting journal entry to record the unrealized gain or loss on trading investments (you can attach Excel or Word rather than typing in answer box).Mary T. Lincoln works for the City of Columbus. She volunteered to work over the 2013 Christmas break to earn a short vacation during the first week of January 2014. She earns three vacation days and will be paid $400 per day. She takes her vacation in January and is paid for those days. a. Prepare the journal entries on the government-wide financial statements for 2013 and 2014 because of these events. Government-Wide Financial Statements Date Dec 31, 2013 Jan 2014 Date Dec 31, 2013 General Journal Jan 2014 (Click to select) (Click to select) (Click to select) (Click to select) b. Assume that Lincoln works in an activity reported within the General Fund. Prepare journal entries for the fund financial statements for 2013 and 2014 because of these events. Fund Financial Statements General Journal (Click to select) (Click to select) (Click to select) Debit (Click to select) Credit Debit Crediti More Info Purchased 1,000 shares of Microscape stock, paying $52 per share. The investment represents 45% ownership in Microscape's voting stock and Raider has significant influence over Microscape. Raider intends to hold Jan. 14 the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.28 per share on the Microscape stock. Dec. 31 Microscape's current market value of $50 per share. Dec. 31 Microscape reported net income of $120,000 for the year ended 2018. Print Done
- The Revenue Account of a life insurance company shows the life assurance fund on 31st March, 2020 at $5,000,000 before taking into account the following items: -Claims covered under re-insurance $12,000.- Bonus utilized in reduction of life insurance premium $4,500. -Interest accrued on securities $8,000.-Outstanding premium $5,000-Claims intimated but not admitted ` $26,000. What is the life assurance fund after taking into account the above omissions?Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2021 in the investment portfolio. Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,187,00 no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $1,395,000 (150,000) $1,245,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,187,000.On December 25, 2019, Ms. Smith gives Charity Z 1,000 shares of stock that she bought originally for $9,000. No restrictions were placed on this donation. The governing board does not want to speculate on investments. Thus, it has a policy to sell all donated investments as soon as received. These 1,000 shares are sold on December 26, 2019 for their fair value of $28,000. How does Charity Z report these events on a statement of cash flows? Select one: a.As a $28,000 cash inflow from an investing activity. b.As a $28,000 cash inflow from an operating activity. c.As a $9,000 cash inflow from a financing activity and a $19,000 cash inflow from an investing activity. d.As a $9,000 cash inflow from an operating activity and a $19,000 cash inflow from an investing activity.
- Prepare journal entries to record the following transactions and events, based on the assumption that the nonprofit, with a June 30 fiscal year-end, uses a single account to record all unrealized and realized investment gains and losses. Then, prepare journal entries for Events 2 and 3, based on the assumption that the nonprofit separates unrealized from realized investment gains and losses. 1. On July 15, a nonprofit received a donation of Apple stock that had a fair value of $75,000 at the time of the donation. The donor told the nonprofit that the stock could be sold and used only to finance a particular research project. 2. On December 31, when the nonprofit closed its books, the stock had a fair value of $76,500. 3. On February 15, the nonprofit sold the stock for $76,000. 4. On March 15, the nonprofit spent the entire $76,000 on the research project for which the donor made the gift.(a.) Prepare any journal entries you consider necessary, including year end entries (December 31), assuming these investments are managed to profit from changes in market interest rates (held for trading). Mayor Company doesn’t have debt investment before 2020. (b.) Prepare a partial statement of financial position showing the Investment account at December 31, 2020. (c.) If Mayor Company purchase the debt investment to collect the contractual cash flow (held the debt investment to maturity), explain how the journal entries would differ from those in part (a).Ticker Services began operations in Year 1 and holds long-term investments in available-for-sale debt securities. The year-end cost and fair values for its portfolio of these investments follow. Portfolio of Available-for-Sale Securities December 31, Year 1 December 31, Year 2 Cost $ 13,000 20,000 23,000 16,500 December 31, Year 3 December 31, Year 4 Complete this question by entering your answers in the tabs below. Prepare journal entries to record each year-end fair value adjustment for these securities. Adjustment General Journal Calculation Calculation adjustment required to fair value adjustment. 12/31/Year 1 Existing balance in Fair Value Adjustment-AFS (LT) Required balance in Fair Value Adjustment-AFS (LT) Adjustment required to Fair Value Adjustment-AFS (LT) 12/31/Year 2 Existing balance in Fair Value Adjustment-AFS (LT) Required balance in Fair Value Adjustment-AFS (LT) Adjustment required to Fair Value Adjustment-AFS (LT) 12/31/Year 3 Existing balance in Fair Value…
