The following data pertain to Tyne Company’s investments in
marketable equity securities. (Assume that all securities...
The following data pertain to Tyne Company’s investments in
marketable equity securities. (Assume that all securities were held
throughout 2019 and 2020.) Note that the new FASB guidance on
accounting for minority-passive investments is effective beginning
in 2018. Under the prior rules, Alpha was a trading security and
Beta was an available-for-sale security. Beta’s fair value at
12/31/17 was $135,000.
Fair value
Cost
12/31/20
12/31/19
Alpha Co.
$
150,000
$
155,000
$
100,000
Beta Co.
150,000
130,000
120,000
Required:
What...
On December 31, 20Y1, Smith, Inc. provided you with the
following information regarding its securities:
Investments...
On December 31, 20Y1, Smith, Inc. provided you with the
following information regarding its securities:
Investments
Cost
Fair value
Unrealized gain (loss)
Aloe Corp. Stock
$ 50,000
$62,000
$ 12,000
Fuller Inc Stock
80,000
83,000
3,000
Holmes Corp Stock
100,000
91,000
(9,000)
$230,000
236,000
6,000
Previous securities FV adjustment balance
-
Securities FV adjustment (DR)
6,000
During 20Y2, Harold acquired TD, Inc. stock for $40,000 in cash.
Also during 20Y2, Harold sold the Holmes Corp. stock for $90,000.
At December...
The following information pertains to Inglewood Ltd. for the
2015 fiscal year ending December 31: Gain...
The following information pertains to Inglewood Ltd. for the
2015 fiscal year ending December 31: Gain on sale of
held-for-trading investments (before tax): $ 1,500 Loss from
operation of discontinued division (net of tax) 2,500 Loss from
disposal of discontinued division (net of tax) 3,500 Income from
operations (before tax) 125,000 Unrealized holding gain of
Available-for-sale investments (net of tax) 12,000 The company tax
rate is 27%. The unrealized holding gain from Available-for-sale
investments relates to investments that are not...
At December 31, 2018, Hull-Meyers Corp. had the following
investments that were purchased during 2018, its...
At December 31, 2018, Hull-Meyers Corp. had the following
investments that were purchased during 2018, its first year of
operations:
Cost
Fair Value
Trading Securities:
Security A
$
905,000
$
915,500
Security B
110,000
104,900
Totals
$
1,015,000
$
1,020,400
Securities
Available-for-Sale:
Security C
$
705,000
$
784,500
Security D
905,000
920,200
Totals
$
1,610,000
$
1,704,700
Securities to Be
Held-to-Maturity:
Security E
$
495,000
$
505,200
Security F
620,000
614,900
Totals
$
1,115,000
$
1,120,100
No investments were sold...
At December 31, 2015, the trading securities for Storrer, Inc.
are as follows.
Security
Cost
Fair...
At December 31, 2015, the trading securities for Storrer, Inc.
are as follows.
Security
Cost
Fair Value
A $17,400 $16,200
B 12,300 13,800
C 23,500 19,200
$53,200 $49,200
Prepare the adjusting entry at December 31, 2015, to report the
securities at fair value. (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...
Fair Value Journal Entries, Trading Investments Gruden Bancorp
Inc. purchased a portfolio of trading securities during...
Fair Value Journal Entries, Trading Investments Gruden Bancorp
Inc. purchased a portfolio of trading securities during Year 1. The
cost and fair value of this portfolio on December 31, Year 1, was
as follows: Name Number of Shares Total Cost Total Fair Value
Griffin Inc. 1,150 $15,410 $14,490 Luck Company 750 24,600 22,880
Wilson Company 350 10,500 10,710 Total $50,510 $48,080 On May 10,
Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc.,
at $30 per share plus...
Suppose Pendant Corporation holds the following
available-for-sale securities as long-term investments at
December 31, 2017:
Stock...
Suppose Pendant Corporation holds the following
available-for-sale securities as long-term investments at
December 31, 2017:
Stock
Cost
Level 1 Fair Value
The Macmilliam Company
$62,000
$55,000
The Bushwood Company
$18,000
$11,000
$80,000
$66,000
Show how Pendant will report long-term investments on its
December 31, 2017, balance sheet. (Abbreviation used: AFSS =
available-for-sale security.)
Assets
Select from:
Investments in AFSS
Loss on sale of investments in AFSS
Unrealized gain on investments in AFSS
$?
Gruden Bancorp Inc. purchased a portfolio of trading securities
during Year 1. The cost and fair...
Gruden Bancorp Inc. purchased a portfolio of trading securities
during Year 1. The cost and fair value of this portfolio on
December 31, Year 1, was as follows:
1
Name
Number of Shares
Total Cost
Total Fair Value
2
Griffin Inc.
1,410.00
$28,200.00
$31,020.00
3
Luck Company
1,210.00
30,250.00
27,830.00
4
Wilson Company
840.00
29,400.00
27,720.00
5
Total
$87,850.00
$86,570.00
On May 10, Year 2, Gruden Bancorp Inc. purchased 1,060 shares of
Carroll Inc. at $26 per share plus a...
Pronghorn Corporation, a clothing retailer, had income from
operations (before tax) of $405,000, and recorded the...
Pronghorn Corporation, a clothing retailer, had income from
operations (before tax) of $405,000, and recorded the following
before-tax gains/(losses) for the year ended December 31,
2020:
Gain on disposal of equipment
29,160
Unrealized (loss)/gain on FV-NI investments
(58,320
)
(Loss)/gain on disposal of building
(73,440
)
Gain on disposal of FV-NI investments
35,640
Pronghorn also had the following account balances as at January 1,
2020:
Retained earnings
$442,800
Accumulated other comprehensive income (this was due to a
revaluation surplus on...