During the year ended December 31, 2024, Swifty Corporation, a public company, had the following transactions related to investments held for trading purposes: Feb. 1 Purchased 620 IBF common shares for $35,960. Mar. 1 Apr. 1 July 1 Aug. 1 Oct. 1 1 Dec. 31 Purchased 1,420 Raimundo common shares for $45,440. Purchased $202,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1. Received a cash dividend of $2.00 per share on the IBF common shares. Sold 205 IBF common shares at $62 per share. Received the semi-annual interest on the CRT bonds. Sold the CRT bonds for $207,000. The fair values of the IBF and Raimundo common shares were $64 and $28 per share, respectively.
During the year ended December 31, 2024, Swifty Corporation, a public company, had the following transactions related to investments held for trading purposes: Feb. 1 Purchased 620 IBF common shares for $35,960. Mar. 1 Apr. 1 July 1 Aug. 1 Oct. 1 1 Dec. 31 Purchased 1,420 Raimundo common shares for $45,440. Purchased $202,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1. Received a cash dividend of $2.00 per share on the IBF common shares. Sold 205 IBF common shares at $62 per share. Received the semi-annual interest on the CRT bonds. Sold the CRT bonds for $207,000. The fair values of the IBF and Raimundo common shares were $64 and $28 per share, respectively.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 1MC
Related questions
Question
JJ. 170.
![Date
Feb. 1 V
Mar. 1
Apr. 1
July 1
Aug 1 v
V
Oct. 1 V
Oct. 1
Dec. 31
V
v
Account Titles and Explanation
Current Assets
Investments at FVTPL
Cash
Investments at FVTPL
Cash
Investments at FVTPL
Cash
Cash
Investment Income or Loss
Cash
Investments at FVTPL
Investment Income or Loss
Cash
Gross Profit/(Loss)
Investment Income or Loss
(Collection of interest revenue.)
Cash
Investments at FVTPL
Investment Income or Loss
(To record sale of investment.)
Investment Income or Loss
Investments at FVTPL
Investment in Associate
December 31, 2024
SWIFTY CORPORATION
Income Statement (Partial)
Year Ended December 31, 2024
Investment Income or Loss
V
V
V $
V
M
v
V
V
V
V
V
V
SWIFTY CORPORATION
Balance Sheet (Partial)
V
$
Debit
V
35,960
45,440
202,000
1,240
12,710
3,030
207,000
3,190
Credit
35,960
Show the financial statement presentation of the investments and any related accounts in the financial statements for the year
ended December 31, 2024. (Round answers to O decimal places, e.g. 5,275.)
45,440
202,000
1,240
11,890
820
3,030
202,000
5,000
3,190](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc099cd14-8e7a-497e-ad22-59566121e7f5%2Fbc439def-2b70-49f7-bde2-585f74ee14f9%2Fhk19ino_processed.png&w=3840&q=75)
Transcribed Image Text:Date
Feb. 1 V
Mar. 1
Apr. 1
July 1
Aug 1 v
V
Oct. 1 V
Oct. 1
Dec. 31
V
v
Account Titles and Explanation
Current Assets
Investments at FVTPL
Cash
Investments at FVTPL
Cash
Investments at FVTPL
Cash
Cash
Investment Income or Loss
Cash
Investments at FVTPL
Investment Income or Loss
Cash
Gross Profit/(Loss)
Investment Income or Loss
(Collection of interest revenue.)
Cash
Investments at FVTPL
Investment Income or Loss
(To record sale of investment.)
Investment Income or Loss
Investments at FVTPL
Investment in Associate
December 31, 2024
SWIFTY CORPORATION
Income Statement (Partial)
Year Ended December 31, 2024
Investment Income or Loss
V
V
V $
V
M
v
V
V
V
V
V
V
SWIFTY CORPORATION
Balance Sheet (Partial)
V
$
Debit
V
35,960
45,440
202,000
1,240
12,710
3,030
207,000
3,190
Credit
35,960
Show the financial statement presentation of the investments and any related accounts in the financial statements for the year
ended December 31, 2024. (Round answers to O decimal places, e.g. 5,275.)
45,440
202,000
1,240
11,890
820
3,030
202,000
5,000
3,190
![During the year ended December 31, 2024, Swifty Corporation, a public company, had the following transactions related to
investments held for trading purposes:
Purchased 620 IBF common shares for $35,960.
Purchased 1,420 Raimundo common shares for $45,440.
Apr. 1 Purchased $202,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1.
July 1
Received a cash dividend of $2.00 per share on the IBF common shares.
Aug.
Sold 205 IBF common shares at $62 per share.
Oct.
Received the semi-annual interest on the CRT bonds.
Sold the CRT bonds for $207,000.
The fair values of the IBF and Raimundo common shares were $64 and $28 per share, respectively.
Feb. 1
Mar. 1
1
1
1
Dec. 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc099cd14-8e7a-497e-ad22-59566121e7f5%2Fbc439def-2b70-49f7-bde2-585f74ee14f9%2Fyl5147xd_processed.png&w=3840&q=75)
Transcribed Image Text:During the year ended December 31, 2024, Swifty Corporation, a public company, had the following transactions related to
investments held for trading purposes:
Purchased 620 IBF common shares for $35,960.
Purchased 1,420 Raimundo common shares for $45,440.
Apr. 1 Purchased $202,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1.
July 1
Received a cash dividend of $2.00 per share on the IBF common shares.
Aug.
Sold 205 IBF common shares at $62 per share.
Oct.
Received the semi-annual interest on the CRT bonds.
Sold the CRT bonds for $207,000.
The fair values of the IBF and Raimundo common shares were $64 and $28 per share, respectively.
Feb. 1
Mar. 1
1
1
1
Dec. 31
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