What is the true option general Accounting question Green Investments purchases 800 shares of TechNova Corporation stock onNovember 15, 2017, for $320,000. On January 20, 2018, Green purchases anadditional 600 shares of TechNova stock for $270,000. According to marketquotations, TechNova stock is selling for $450 per share on 12/31/17. Green sells400 shares of TechNova stock on April 15, 2018, for $192,000, assuming theshares sold are from the shares purchased on January 20, 2018.Calculate the recognized gain or loss from the sale of TechNova stock.Options:a. $12,000 gainb. $16,000 gainc. $8,000 lossd. $20,000 gaine. $10,000 loss

Step 1: Define Capital GainCapital gain represents the profit realized from selling a capital asset…

Answered: Green Investments purchases 800 shares…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter6: Corporations: Redemptions And Liquidations

Section: Chapter Questions

Problem 64P

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Finch, Inc., purchases 1,000 shares of Bluebird Corporation stock on October 3, 2017, for $400,000. On December 12, 2017, Finch purchases an additional 750 shares of Bluebird stock for $280,000. According to market quotations, Bluebird stock is selling for $400 per share on 12/31/17. Finch sells 500 shares of Bluebird stock on March 1, 2018, for $224,000. What is Finch's recognized gain or loss from the sale of Bluebird stock on March 1, 2018, assuming the shares sold are from the shares purchased on December 12, 2017? In your computations, round the per share amount to the nearest whole dollar, and use the rounded amount in subsequent computations.
Panthers Corp.purchased 8,000 shares of Canes Corp.for $100 per share on August 1, 2019. As per IFRS 9, Panthers chose to classify this new investment as FVOCI at the time of the purchase. On November 1, 2019 Canes paid a dividend of $2 per share. At balance sheet date the market price of Canes was $90 per share. On March 1, 2020 Panthers sold all 8,000 shares for $105 per share.RequiredPrepare the journal entries required under IFRS as well as those that would be required under GAAP.
On March 1, 2020 K.K. Corporation purchased 2,000 shares of Potter Wholesale for $35 per share. Based on the percentage of outstanding stock purchased, K.K. Corporation uses the fair value method to account for the investment. On December 31, 2020 the shares of Potter Wholesale had a current market value of $32 per share. What amount of realized gain or loss would K.K. Corporation report on its 2021 income statement if K.K. corporation sells the 2,000 shares of Potter Wholesale on July 1, 2021 for $34 per share? O $4,000 gain O $4,000 loss O $2,000 gain $2,000 loss O $1,000 loss
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Kim Corporation holds 10,000 shares of its P10 par common stock as treasury stock, which was purchased in 2019 at a cost of P120,000. On December 10, 2020, Kim sold all 10,000 shares for P210,000. Assuming that Kim used the cost method of accounting for treasury stock, this sale would result in a credit to Choices; Treasury Shares Premium of P90,000. Treasury Shares Premium of P110,000. Gain on Sale of Treasury Stock of P90,000. Retained Earnings of P90,000.
During 2019, Don Co. purchased 9,000 ordinary shares of Pia Co. for P16 per share, 6,000 ordinary shares of Ron Co. for P33 per share and P120,000 of treasury notes at 101. These investments are intended to be held as ready sources of cash and are classified as held for trading. Also in 2019, Don purchased 10,500 ordinary shares of Zen Co. for P29 per share. The securities are classified as available for sale. During 2019, Don received the following interest and dividend payment on its investments: Pia Co. P1 per share dividend Ron Co. P3 per share dividend Zen Co. P2 per share dividend Treasury notes 6% annual interest earned for 6 months Fair values of the securities at December 31, 2019, were as follows: Pia Co. P20 per share Ron Co. P22 per share Zen Co. P26…
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Please give me correct answer this financial accounting question
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On June 1, 2019 Wanda Company purchased 4,200 shares of Vision Company capital stock as a temporary investment (trading securities) at $86.50 per share plus a commission of $62. On June 15, a 5 per cent stock dividend was received. Wanda received a cash dividend of $0.75 per share on August 13, 2019. On November 1, Wanda sold all of the shares for $92.20 per share, less a commission of $62. Prepare entries to record the purchase, cash dividend, and sale of these transactions in Wanda Company’s accounts.
On January 1, 2024 Angel, Inc. purchased 100,000 shares of Halo Company common stock for $550,000, giving Angel a 25% ownership. Angel uses the equity method and any excess cost over book value is attributed to goodwill. During 2024 Halo reports NI of $200,000 and pays $40,000 in dividends (both distributed/earned evenly throughout the year). On July 1, 2024 Angel sells 20,000 shares for $160,000 and its ownership drops to 20%. Angel continues to use the equity method after the sale of shares. 1. What is the balance in the Investment in Halo account as of 12/31/2024? $582,000 2. What is dollar amount of the gain or loss on sale of shares? 3. Were the shares sold at a gain or loss Loss $8.000 4. Determine the amounts that Angel will record in their 2024 income statement related to $24,000 its ownership of Halo and partial sale of its investment in Halo stock. All answers should be formatted like this: $100,000

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