Cullumber Corporation has the following long-term investments. (1) Common stock of Eidman Co. (10% ownership), cost $112,000, fair value $119,000. (2) Common stock of Pickerill Inc. (30% ownership), cost $212,000, equity $262,000. (3) Debt investment, cost $102,000, fair value $162,000.Prepare the investments section of the balance sheet.Cullumber CorporationBalance Sheet Current AssetsCurrent LiabilitiesIntangible AssetsInvestmentsInvestment In Stock, at fair value Investment In Stock, at Equity Long-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal InvestmentsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityDebt Investments, at fair value Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value $ Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value $

Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Answered: Cullumber Corporation has the following…

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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Cullumber Corporation has the following long-term investments. (1) Common stock of Eidman Co. (10% ownership), cost $112,000, fair value $119,000. (2) Common stock of Pickerill Inc. (30% ownership), cost $212,000, equity $262,000. (3) Debt investment, cost $102,000, fair value $162,000.

Prepare the investments section of the balance sheet.

Cullumber Corporation Balance Sheet
Current AssetsCurrent LiabilitiesIntangible AssetsInvestmentsInvestment In Stock, at fair value Investment In Stock, at Equity Long-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal InvestmentsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityDebt Investments, at fair value
Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value			$
Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value
Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value
Current Assets Current Liabilities Intangible Assets Investments Investment In Stock, at fair value Investment In Stock, at Equity Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Investments Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Debt Investments, at fair value			$

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