Journalize the 2022 transactions and post to the account Stock Investments. (Use the T-account form) (List all debit entries before credit entries. 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 0 for the amounts. Record journal entries in the order presented in the problem)
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- On December 31, 2021, the end of its first year of operations, Ivanhoe Associates owned the following securities that are held as long- term investments. Common Stock C Co. D Co. E Co. (a) July Aug. Sept. 1 Oct. 1 Nov. 1 Dec. Shares 15 980 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. 31 5,420 1,297 1 Received $2.00 per share semiannual cash dividend on D Co. common stock. 1 Received $0.50 per share cash dividend on C Co. common stock. Sold 1,050 shares of D Co. common stock for cash at $10 per share. Sold 300 shares of C Co. common stock for cash at $50 per share. Received $1 per share cash dividend on E Co. common stock. Received $0.50 per share cash dividend on C Co. common stock Received $2.20 per share semiannual cash dividend on D Co. common stock Cost $44,100 39,566 25,940 At December 31, the fair values per share of the common…On December 31, 2021, the end of its first year of operations, Wildhorse Associates owned the following securities that are held as long-term investments. Common Stock C Co. D Co. July Aug. Sept. Oct. Dec. E Co. On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. 1 1 1 Received $2.00 per share semiannual cash dividend on D Co. common stock. Received $0.50 per share cash dividend on C Co. common stock. Sold 1,020 shares of D Co. common stock for cash at $8 per share. Sold 310 shares of C Co. common stock for cash at $52 per share. Received $1 per share cash dividend on E Co. common stock. Received $0.50 per share cash dividend on C Co. common stock. Received $2.00 per share semiannual cash dividend on D Co. common stock. 1 Nov. 1 Shares 1,050 5,090 1,199 15 Cost 31 $50,400 38,175 25,179 At December 31, the fair values per share of the common…Following is a list of investments owned by Martinez Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 1,200 $9.00 $8.20 FDY Ltd. 2,100 6.50 6.55 CTN Corporation 3,700 7.00 7.60 On January 15, 2021, Martinez sold the shares in CTN Corporation for $8.10 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2021 (To adjust to current fair value) (To record the sale of shares) (Reclassification…
- urnalize transactions and adjusting P16.3 (LO 2, 3) On December 31, 2019, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. ury for shaare investments. Ordinary Shares Shares Cost Carlene Co. 2,000 £60,000 Riverdale Co. 5,000 45,000 Raczynski Co. 1.500 30,000 On December 31. 2019, the total fair value of the securities was equal to its cost. In 2020, the follow ing transactions occurred. Aug. I Sept. I Oct. Received £0.70 per share cash dividend on Carlene Co, ordinary shares. Sold 2,000 ordinary shares of Riverdale Co. for cash at €8 per share. Sold 800 ordinary shares of Carlene Co. for cash at £33 per share. Problems 16-35 Nov. 1 Received £1 per share cash dividend on Raczynski Co. ordinary shares. Received £0.70 per share cash dividend on Carlene Co. ordinary shares. 31 Dec. 15 Received £1 per share annual cash dividend on Riverdale Co. ordinary shares. At December 31, the fair…The following information is available for Sheridan Company at December 31, 2025, regarding its investments. Securities Cost Fair Value 2,400 shares of Myers Corporation common stock $40,200 $48,200 900 shares of Cole Incorporated preferred stock 24,500 21,600 $64,700 $69,800 Prepare the adjusting entry (if any) for 2025, assuming no balance in the Fair Value Adjustment account at January 1, 2025. Neither of Sheridan's investments result in significant influence. Assume the securities as trading securities. (List debit entry before credit entry. 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.)The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental's investments are large enough to exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired Distribution Transforners Corporation common stock for $560,000. Sep. 1 Acquired $1,140,000 of American Instruments' common stock. Sep. 30 Received a $16, 800 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $601,000. Nov. 1 Purchased $1,560,000 of yaD Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: $1,074,000 $1,637,000 American Instruments common stock MAD Corporation comnon stock Required: 1. Prepare the appropriate journal…
- In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVPL, how much is the unrealized gain in 2021?Rolling Hills Productions held investments in equity securities (in Elban Company)with a fair value of $75,000 at December 31, 2018. These investments cost Rolling HillsProductions $68,000 on January 1, 2018. What is the appropriate amount for Rolling HillsProductions to report for these investments on its December 31, 2018, balance sheet?(Assume that Rolling Hills has insignificant influence over Elban Company.)a. $68,000b. A $7,000 gainc. $75,000d. Cannot be determined from the data givenIn 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVOCI, how much is the net effect on retained earnings in 2022?
- On January 5, 2020, Splish Brothers Company purchased the following stock securities: 282 shares Bonter Corporation common stock for $4,230. 470 shares Wane Corporation common stock for $9,400. 752 shares Strauss Corporation common stock for $21,432. Assume that Splish Brothers Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments.On June 30, 2020, Splish Brothers Company received the following cash dividends: Bonter Corporation$2.00 per share Wane Corporation$1.00 per share Strauss Corporation$1.50 per share On November 15, 2020, Splish Brothers Company sold 156 shares of Strauss Corporation common stock for $7,020.On December 31, 2020, the fair value of the securities held by Splish Brothers Company is as follows: Bonter Corporation common stock $10 Wane Corporation common stock 16 Strauss Corporation common stock 28During the year ended December 31, 2024, Rakai Corporation, a public company, had the following transactions related to investments held for trading purposes: Feb. 1 Purchased 575 IBF common shares for $25,300. Mar. 1 Purchased 1,500 Raimundo common shares for $48,000. Apr. 1 Purchased $200,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1. July 1 Received a cash dividend of $1.50 per share on the IBF common shares. Aug. 1 Sold 250 IBF common shares at 548 per share. Oct. 1 Received the semi-annual interest on the CRT bonds. 1 Sold the CRT bonds for $205,000. Dec. 31 The fair values of the IBF and Raimundo common shares were $50 and $28 per share, respectively. Instructions Record the transactions and any required year-end adjusting entries. Show the financial statement presentation of the investments and any related accounts in the financial statements for the year ended December 31, 2024.The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental’s investments are large enough to exert significant influence on the investee. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020. Mar. 31 Acquired Distribution Transformers Corporation common stock for $460,000. Sep. 1 Acquired $990,000 of American Instruments' common stock. Sep. 30 Received a $13,800 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $491,000. Nov. 1 Purchased $1,440,000 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments common stock $ 934,000 M&D Corporation common stock $…