(b) On December 31, 2018, Ramey Associates owned the following Sccurities, held as a long term investment. The securities are not held for influence or control of the investee. Common Stock Share Cost Hurst co. 1.000 TK.60,000 Pine co. 3,000 ТК.45,000 Scott co. 500 TК. 30,000 On December 31,2010,the total fair value of the securities was equal to its cost.In 2019,the following transactions occurred. July 1 Received Tk. 2 per share semiannual cash dividend on pine co. common stock. Aug 1 Received $0.50 per share cash dividend on Hurst co. common stock. Sep. 1 Sold 1,500 shares of Pine Co. common stock for cash at TK.17 Oct. 1 Sold 200 shares of Hurst co. common stock for cash at TK.58 Nov. 1 Received $1 per cash dividend on scott co. common stock. 31 Received $1 per share semiannual cash dividend on pine o. common stock. At December 31,the fair valucs per share of the common stocks were:Hurst co. TK.62,Pinc co.TK.14 and Scott Co.TΚ. 59 Instructions i)Journalize the 2019 transactions and post to the account stock Investments. ii)Prepare the adjusting entry at December 31.2019 to show securities at fair value.

(b) On December 31, 2018, Ramey Associates owned the following Sccurities, held as a long term investment. The securities are not held for influence or control of the investee. Common Stock Share Cost Hurst co. 1.000 TK.60,000 Pine co. 3,000 ТК.45,000 Scott co. 500 TК. 30,000 On December 31,2010,the total fair value of the securities was equal to its cost.In 2019,the following transactions occurred. July 1 Received Tk. 2 per share semiannual cash dividend on pine co. common stock. Aug 1 Received $0.50 per share cash dividend on Hurst co. common stock. Sep. 1 Sold 1,500 shares of Pine Co. common stock for cash at TK.17 Oct. 1 Sold 200 shares of Hurst co. common stock for cash at TK.58 Nov. 1 Received $1 per cash dividend on scott co. common stock. 31 Received $1 per share semiannual cash dividend on pine o. common stock. At December 31,the fair valucs per share of the common stocks were:Hurst co. TK.62,Pinc co.TK.14 and Scott Co.TΚ. 59 Instructions i)Journalize the 2019 transactions and post to the account stock Investments. ii)Prepare the adjusting entry at December 31.2019 to show securities at fair value.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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