Bridgeport Ltd. had the following investment portfolio at January 1, 2023: Investment Earl Corp. Josie Corp. Asher Corp. 1 2. 4. 5. 7. Quantity Cost per Share 960 $14.80 8. 900 (a) 500 19.80 During 2023, the following transactions took place: On March 1, Josie paid a $2 per share dividend. On April 30, Bridgeport sold 300 shares of Asher for $9.80 per share. On May 15, Bridgeport purchased 200 more Earl shares at $15.80 per share. At December 31, 2023, the shares had the following market prices per share: Earl $16.80; Josie $18.80; and Asher $7.80. 8.60 Fair Value at Dec. 31, 2022 $11.10 During 2024, the following transactions took place: On February 1, Bridgeport sold the remaining Asher shares for $6.80 per share. On March 1, Josic paid a $2 per share dividend. On December 21, Earl declared a cash dividend of $3 per share to be paid in the next month. At December 31, 2024, the shares had the following market prices per share: Carl $18.80 and Josie $20.80. 16.10 7.00 Assuming that Bridgeport is a publicly accountable enterprise that accounts for its investment portfolio at FV-OCI (with no recycling to net income), prepare journal entries to record all of the 2023 and 2024 transactions and year-end events. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Bridgeport Ltd. had the following investment portfolio at January 1, 2023: Investment Earl Corp. Josie Corp. Asher Corp. 1 2. 4. 5. 7. Quantity Cost per Share 960 $14.80 8. 900 (a) 500 19.80 During 2023, the following transactions took place: On March 1, Josie paid a $2 per share dividend. On April 30, Bridgeport sold 300 shares of Asher for $9.80 per share. On May 15, Bridgeport purchased 200 more Earl shares at $15.80 per share. At December 31, 2023, the shares had the following market prices per share: Earl $16.80; Josie $18.80; and Asher $7.80. 8.60 Fair Value at Dec. 31, 2022 $11.10 During 2024, the following transactions took place: On February 1, Bridgeport sold the remaining Asher shares for $6.80 per share. On March 1, Josic paid a $2 per share dividend. On December 21, Earl declared a cash dividend of $3 per share to be paid in the next month. At December 31, 2024, the shares had the following market prices per share: Carl $18.80 and Josie $20.80. 16.10 7.00 Assuming that Bridgeport is a publicly accountable enterprise that accounts for its investment portfolio at FV-OCI (with no recycling to net income), prepare journal entries to record all of the 2023 and 2024 transactions and year-end events. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please answer this with all working
Transcribed Image Text:2024
[To adjust to fair value at date of disposalj
[To record disposal)
[To reclassify holding gain)
[To adjust to fair value at date of disposal)
(To record disposal)
[To reclassify holding loss)
0000
1000
Transcribed Image Text:Bridgeport Ltd. had the following investment portfolio at January 1, 2023:
Fair Value
at Dec. 31, 2022
$11.10
Investment Quantity Cost per Share
960
$14.80
Earl Corp.
Josie Corp.
Asher Corp.
1.
2.
3.
During 2023, the following transactions took place:
4.
5.
6.
7.
8.
During 2024, the following transactions took place:
(a)
900
500
19.80
8.60
On March 1, Josie paid a $2 per share dividend.
On April 30, Bridgeport sold 300 shares of Asher for $9.80 per share.
On May 15, Bridgeport purchased 200 more Earl shares at $15.80 per share.
At December 31, 2023, the shares had the following market prices per share: Earl $16.80; Josie $18.80; and Asher $7.80.
2023
<
On February 1, Bridgeport sold the remaining Asher shares for $6.80 per share.
On March 1, Josie paid a $2 per share dividend.
On December 21, Earl declared a cash dividend of $3 per share to be paid in the next month.
At December 31, 2024, the shares had the following market prices per share: Earl $18.80 and Josie $20.80.
16.10
7.00
Assuming that Bridgeport is a publicly accountable enterprise that accounts for its investment portfolio at FV-OCI (with no
recycling to net income), prepare journal entries to record all of the 2023 and 2024 transactions and year-end events. (Credit
account titles are automatically indented when the 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. List all debit entries before credit entries. Record journal entries in the order presented in the
problem.)
Date Account Titles and Explanation
(To adjust to fair value at date of disposal)
Debit
Credit
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