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Prepare Flint general journal entry to record the sale of the David Jones shares. (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.) Account Titles and Explanation Cash Loss on Disposal of Investments FV-NI FV-NI Investments Debit 77100 12100 Credit 89200 Flint Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Carrying Amount Investments (before adjustment) Fair Value 1,800 shares of David Jones Inc., common 6,000 shares of Hearn Corp., common $89,200 $84,900 198,000 190,000 360 shares of Alessandro Inc., preferred 61,200 62,700 $348,400 $337,600 In 2023, Flint completed the following securities transactions: Mar. 1 Apr. 1 Sold the 1,800 common shares of David Jones at $43 per share, less fees of $300. Bought 500 common shares of Oberto Ltd. at $75 per share, plus fees of $1,600. Flint's portfolio of trading securities appeared as follows on December 31, 2023: Investments Original Cost Fair Value 6,000 shares of Hearn Corp., common $198,000 $190,000 500 shares of Oberto Ltd., common 37,500 35,300 360 shares of Alessandro Inc., preferred 61,200 58,200 $296,700 $283,500

Prepare Flint general journal entry to record the sale of the David Jones shares. (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.) Account Titles and Explanation Cash Loss on Disposal of Investments FV-NI FV-NI Investments Debit 77100 12100 Credit 89200 Flint Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Carrying Amount Investments (before adjustment) Fair Value 1,800 shares of David Jones Inc., common 6,000 shares of Hearn Corp., common $89,200 $84,900 198,000 190,000 360 shares of Alessandro Inc., preferred 61,200 62,700 $348,400 $337,600 In 2023, Flint completed the following securities transactions: Mar. 1 Apr. 1 Sold the 1,800 common shares of David Jones at $43 per share, less fees of $300. Bought 500 common shares of Oberto Ltd. at $75 per share, plus fees of $1,600. Flint's portfolio of trading securities appeared as follows on December 31, 2023: Investments Original Cost Fair Value 6,000 shares of Hearn Corp., common $198,000 $190,000 500 shares of Oberto Ltd., common 37,500 35,300 360 shares of Alessandro Inc., preferred 61,200 58,200 $296,700 $283,500

Intermediate Accounting: Reporting And Analysis
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 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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Prepare Flint general journal entry to record the sale of the David Jones shares. (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.) Account Titles and Explanation Cash Loss on Disposal of Investments FV-NI FV-NI Investments Debit 77100 12100 Credit 89200
Transcribed Image Text:Prepare Flint general journal entry to record the sale of the David Jones shares. (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.) Account Titles and Explanation Cash Loss on Disposal of Investments FV-NI FV-NI Investments Debit 77100 12100 Credit 89200
Flint Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Carrying Amount Investments (before adjustment) Fair Value 1,800 shares of David Jones Inc., common 6,000 shares of Hearn Corp., common $89,200 $84,900 198,000 190,000 360 shares of Alessandro Inc., preferred 61,200 62,700 $348,400 $337,600 In 2023, Flint completed the following securities transactions: Mar. 1 Apr. 1 Sold the 1,800 common shares of David Jones at $43 per share, less fees of $300. Bought 500 common shares of Oberto Ltd. at $75 per share, plus fees of $1,600. Flint's portfolio of trading securities appeared as follows on December 31, 2023: Investments Original Cost Fair Value 6,000 shares of Hearn Corp., common $198,000 $190,000 500 shares of Oberto Ltd., common 37,500 35,300 360 shares of Alessandro Inc., preferred 61,200 58,200 $296,700 $283,500
Transcribed Image Text:Flint Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Carrying Amount Investments (before adjustment) Fair Value 1,800 shares of David Jones Inc., common 6,000 shares of Hearn Corp., common $89,200 $84,900 198,000 190,000 360 shares of Alessandro Inc., preferred 61,200 62,700 $348,400 $337,600 In 2023, Flint completed the following securities transactions: Mar. 1 Apr. 1 Sold the 1,800 common shares of David Jones at $43 per share, less fees of $300. Bought 500 common shares of Oberto Ltd. at $75 per share, plus fees of $1,600. Flint's portfolio of trading securities appeared as follows on December 31, 2023: Investments Original Cost Fair Value 6,000 shares of Hearn Corp., common $198,000 $190,000 500 shares of Oberto Ltd., common 37,500 35,300 360 shares of Alessandro Inc., preferred 61,200 58,200 $296,700 $283,500
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