During 2021, Golden Valley Financial Corporation had the following trading investment transactions: Feb. 1 Purchased 670 CBF common shares for $42,210. 1 Purchased 850 RSD common shares for $24,650. Purchased 7% MRT bonds at face value, for $62,200. Golden Valley received interest from these bonds semi-annually on April 1 and October 1. Received a cash dividend of $3 per share on the CBF common shares. 1 Sold 190 CBF common shares at $62 per share. Mar. Apr. 1 July Aug Oct. 1 1 1 Dec. 30 Dec 21 Received the semi-annual interest on the MRT bonds. Sold the MRT bonds for $64,000. RSD declared a dividend of $1.60 per share, payable on January 15 next year. The market prices of the CBE and BSD common shares were $59 and $31 per share, respectively.
During 2021, Golden Valley Financial Corporation had the following trading investment transactions: Feb. 1 Purchased 670 CBF common shares for $42,210. 1 Purchased 850 RSD common shares for $24,650. Purchased 7% MRT bonds at face value, for $62,200. Golden Valley received interest from these bonds semi-annually on April 1 and October 1. Received a cash dividend of $3 per share on the CBF common shares. 1 Sold 190 CBF common shares at $62 per share. Mar. Apr. 1 July Aug Oct. 1 1 1 Dec. 30 Dec 21 Received the semi-annual interest on the MRT bonds. Sold the MRT bonds for $64,000. RSD declared a dividend of $1.60 per share, payable on January 15 next year. The market prices of the CBE and BSD common shares were $59 and $31 per share, respectively.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:During 2021, Golden Valley Financial Corporation had the following trading investment transactions:
Feb. 1 Purchased 670 CBF common shares for $42,210.
Mar. 1
Purchased 850 RSD common shares for $24,650.
Purchased 7% MRT bonds at face value, for $62,200. Golden Valley received interest from these bonds semi-annually
on April 1 and October 1.
Received a cash dividend of $3 per share on the CBF common shares.
Apr.
July
Aug.
Oct.
1
1
1
1
1
Dec. 30
Dar 31
Sold 190 CBF common shares at $62 per share.
Received the semi-annual interest on the MRT bonds.
Sold the MRT bonds for $64,000.
RSD declared a dividend of $1.60 per share, payable on January 15 next year.
The market prices of the CRF and RSD common shares were $59 and $31 per share, respectively.
Transcribed Image Text:Determine the balance in each of the statement of income accounts that is affected in the transactions above and indicate how
the accounts would be presented on the statement of income for the year ended December 31, 2021. (Round answers to O decimal
places, e.g. 5,250. Enter loss using either a negative sign preceding the number eg.-2,945 or parentheses eg. (2,945).)
GOLDENVALLEY FINANCIAL CORPORATION
Statement of Income (Partial)
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