Crane Corporation makes an investment in 540 shares of Cullumber Company's common stock. The stock is purchased for $83 a share. The entry for the purchase is: Debt Investments Cash 43200 43200 Stock Investments 44820 Cash 44820 Stock Investments 43200 Cash 43200 Cash 44820 Stock Investments 44820
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- Blue Spruce Corporation purchased 300 common shares of Burke Inc. for $22,830 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend of $3.45 per share. At year end, Burke shares had a fair value of $72.50 per share. (a) Prepare Blue Spruce's journal entry to record the purchase of the investment. (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 debit entry before credit entry.) Account Titles and Explanation Debit CreditJarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The entry for the purchase isOlaf Company currently owns 4,000 shares of Elsa Inc. and $50,000 bonds of Carrot Corporation. Olaf uses a different T-account for each security held. The existing investments are presented in the 2020 balance sheet as follows: FVTPL financial assets-equity, Elsa $192,000 20,000 Valuation Adjustment on FVTPL financial assets-equity, Elsa $ 212,000 FVTPL financial assets debt, Carrot $50,000 (2.000) Valuation Adjustment on FVTPL financial assets-debt, Carrot Total investments 48.000 $ 260,000 In 2021, the following transactions occurred: Jan 2 Purchased 5,000 shares of Anna Corporation for $60,000. The shares will be held for trading purposes. Feb 15 Received $1.30 per share cash dividend on Elsa Inc. ordinary shares. May 20 Jun 30 Paid $120,000 to acquire 3,000 shares (30% ownership) in Samantha Co. Received interest on Carrot Corporation bonds. The bonds have an annual interest of 8%. Interest is paid every June 30 and December 31. Sold all the Carrot Corporation bonds for $47,000.…
- Panthers Corp. purchased 16,000 shares of Canes Corp. for $10 per share on April 1, 2022. As per IFRS 9, Panthers chose to classify this new investment as FVOCI at the time of the purchase. On November 1, 2022 Canes paid a dividend of $6 per share. At balance sheet date the market price of Canes was $9 per share. On March 1, 2023 Panthers sold all 16,000 shares for $15 per share. 1) Prepare the journal entries required under IFRS as well as those that would be required under GAAP.Iris Corporation makes an investment in 200 shares of Harolds Company’s common stock. The stock is purchased for $40 a share plus brokerage fees of $425. Which of the following is the correct entry for the purchase? Cash $8,000 Investments - Harolds Company Stock $8,000 Investments – Harolds Company Stock $8,425 Cask $8,425 Investments - Harolds Company Stock $8,000 Brokerage Fee Expense 425 Cash $8,425 ROCK Investments – Harolds Company Stock %8,000 Cash $8,000On May 12, year 1, Chewco Co. Purchased... Please provide answer the general accounting question
- On September 15, 2018, Alonso Ltd, sells 62 common shares of Bandi Corp.which were being held as a trading investment (accounted for using the FtRLl model). The shares were acquired six months ago at S145 a share. Alonso s thelshares for $52 a share. The amount that was recorded as a realized gain or loss wasOn July 1, 2021, JKJ Corporation purchased 100 common shares of JMK Ltd. at $20 per share. JKJ expected to be able to sell this investment within a year at $28 per share. Dividends of $1 per share were declared and paid on August 1, 2021. On December 31, 2021, the fair value of each share was $23. What balance was shown in the investment account on JKJ's balance sheet on December 31 (year end)? $2,300 $2,400 $2,000 $2,800Carla Vista Company acquires 78 Dodd's 11%, 5 year. $1000 bonds on January 1, 2021 for $78000. The journal entry to record this investment includes a debit to O Stock Investments for $78000. O Debt Investments for $78000. O Cash for $78000. O Debt Investments for $86580.
- Fairbanks Corporation purchased 400 ordinary shares of Sherman Inc. as a trading investment for $13,200. During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman shares were selling for $34.50 per share. Prepare Fairbanks' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. assume the shares were purchased to meet a non-trading regulatory requirement. Prepare Fairbanks' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.On January 25, 2023, Martin Ltd. purchased 5,000 common shares of NBC (National Bank of Canada) for $30 each. During the remainder of 2023, Martin received $1.60/share in dividends and NBC's earnings per share were $4.50. The closing price of the shares on the fiscal year-end date of December 31, 2023, was $31. Required Assume that Martin classified the investment as FVPL. a. At what value should the company report the NBC shares on its December 31, 2023, balance sheet? b. How much income should the company report in relation to these shares? c. How much other comprehensive income (OCI) should Martin report in relation to these shares? Requirement a. Assume that Martin classified the investment as FVPL. At what value should the company report the NBC shares on its December 31, 2023, balance sheet? The company should report the NBC shares at per share for a total of $ at December 31, 2023. Requirement b. Assume that Martin classified the investment as FVPL. How much income should the coOn May 20, Montero Company paid $180,000 to acquire 55 shares (9%) of ORD Corporation as a long-term investment. On August 5, Montero sold one-tenth of the ORD shares for $20,500. 1. Prepare entries to record both the acquisition and the sale of these shares. 2. Should this stock investment be reported at fair value or at cost on the balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries to record both the acquisition and the sale of these shares. View transaction list Journal entry worksheet 1 2 > On May 20, Montero Company paid $180,000 to acquire 55 shares (9%) of ORD Corporation as a long-term investment. Note: Enter debits before credits. Date General Journal Debit Credit May 20 Record entry Clear entry View general journal
