Question

Riverbed Company has the following portfolio of investment securities at September 30, 2017, its last reporting...

Riverbed Company has the following portfolio of investment securities at September 30, 2017, its last reporting date. Trading Securities Cost Fair Value Horton, Inc. common (5,120 shares) $220,160 $203,890 Monty, Inc. preferred (3,590 shares) 140,010 146,770 Oakwood Corp. common (960 shares) 173,760 172,690 On October 10, 2017, the Horton shares were sold at a price of $54 per share. In addition, 3,040 shares of Patriot common stock were acquired at $56 per share on November 2, 2017. The December 31, 2017, fair values were Monty $114,890, Patriot $139,880, and the Oakwood $186,000. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2017. (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.)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Martinez Company has the following portfolio of investment securities at September 30, 2020, its most recent...
Martinez Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Cost Fair Value Horton, Inc. common (5,310 shares) $223,020 $207,220 Monty, Inc. preferred (3,230 shares) 129,200 135,900 Oakwood Corp. common (970 shares) 184,300 183,350 On October 10, 2020, the Horton shares were sold at a price of $55 per share. In addition, 2,750 shares of Patriot common stock were acquired at $56 per share on November 2, 2020. The December...
Cheyenne Company has the following portfolio of investment securities at September 30, 2020, its most recent...
Cheyenne Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Cost Fair Value Horton, Inc. common (5,180 shares) $212,380 $197,710 Monty, Inc. preferred (3,170 shares) 123,630 131,310 Oakwood Corp. common (980 shares) 164,640 163,690 On October 10, 2020, the Horton shares were sold at a price of $54 per share. In addition, 2,820 shares of Patriot common stock were acquired at $56 per share on November 2, 2020. The December...
Penn Company has the following portfolio of investment securities at September 30, 2020, its most recent...
Penn Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date. Investment Securities Cost Fair Value Green, Inc. common (4,720 shares) $207,680 $192,760 Blue, Inc. preferred (3,210 shares) 125,190 131,880 White Corp. common (1,080 shares) 183,600 182,500 On October 10, 2020, the Green shares were sold at a price of $55 per share. In addition, 2,840 shares of Yellow common stock were acquired at $56 per share on November 2, 2020. The December...
Whispering Company has the following securities in its investment portfolio on December 31, 2017 (all securities...
Whispering Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,000 shares of Anderson Co. common stock which cost $54,000, (2) 10,700 shares of Munter Ltd. common stock which cost $620,600, and (3) 6,400 shares of King Company preferred stock which cost $268,800. The Fair Value Adjustment account shows a credit of $10,200 at the end of 2017. In 2018, Whispering completed the following securities transactions. 1. On January...
Pronghorn Company has the following securities in its investment portfolio on December 31, 2020 (all securities...
Pronghorn Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,800 shares of Anderson Co. common stock which cost $56,000, (2) 10,500 shares of Munter Ltd. common stock which cost $588,000, and (3) 6,000 shares of King Company preferred stock which cost $252,000. The Fair Value Adjustment account shows a credit of $10,600 at the end of 2020. In 2021, Pronghorn completed the following securities transactions. 1.On January 15,...
Problem 17-05 (Part Level Submission) Swifty Company has the following securities in its investment portfolio on...
Problem 17-05 (Part Level Submission) Swifty Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 3,300 shares of Anderson Co. common stock which cost $62,700, (2) 9,200 shares of Munter Ltd. common stock which cost $515,200, and (3) 5,500 shares of King Company preferred stock which cost $231,000. The Fair Value Adjustment account shows a credit of $9,600 at the end of 2020. In 2021, Swifty completed the following...
Sheridan Company has the following securities in its portfolio of equity securities on December 31, 2021:...
Sheridan Company has the following securities in its portfolio of equity securities on December 31, 2021: Cost Fair Value 5,000 shares of Thomas Corp., Common $150,000 $137,000 10,000 shares of Gant, Common 183,000 191,700 $333,000 $328,700 All of the securities had been purchased in 2021. In 2022, Sheridan Company completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 600 shares of Werth Stores, Common @ $43...
Martinez Company has the following securities in its portfolio on December 31, 2020. None of these...
Martinez Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $72,600 $68,600 5,000 shares of Wallace Corp., Common 174,800 169,400 400 shares of Martin, Inc., Preferred 55,600 57,300 $303,000 $295,300 All of the securities were purchased in 2020. In 2021, Martinez completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc., Common,...
Swifty Company has the following securities in its investment portfolio on December 31, 2017 (all securities...
Swifty Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 2,900 shares of Anderson Co. common stock which cost $52,200, (2) 10,600 shares of Munter Ltd. common stock which cost $614,800, and (3) 6,400 shares of King Company preferred stock which cost $262,400. The Fair Value Adjustment account shows a credit of $9,900 at the end of 2017. In 2018, Swifty completed the following securities transactions. 1. On January...
Shamrock Inc. owns shares of Bridgeport Corporation stock. At December 31, 2017, the securities were carried...
Shamrock Inc. owns shares of Bridgeport Corporation stock. At December 31, 2017, the securities were carried in Shamrock’s accounting records at their cost of $789,000, which equals their fair value. On September 21, 2018, when the fair value of the securities was $1,228,000, Shamrock declared a property dividend whereby the Bridgeport securities are to be distributed on October 23, 2018, to stockholders of record on October 8, 2018. Prepare all journal entries necessary on those three dates. (Credit account titles...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT