Investment in Buffalo st $3,230.000 12/6/18 Dividend received $160,000 Share of income 380,000 12/5/19 Dividend received 250,000 Share of income 490,000
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- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Aykroyd Corp. was a 30% owner of Martin Company, holding 210,000 shares of Martin's common stock on December 31, 2019. The investment account had the following entries. Investment in Martin 1/1/18 Cost $3,180,000 12/6/18 Dividend received $150,000 12/31/18 Share of income 390,000 12/5/19 Dividend received 240,000 12/31/19 Share of income 510,000 On January 2, 2020, Aykroyd sold 126,000 shares of Martin for $3,440,000, thereby losing its significant influence. During the year 2020, Martin experienced the following results of operations and paid the following dividends to Aykroyd. Martin Income (Loss) Dividends Paid to Aykroyd 2020 $300,000 $50,400 At December 31, 2020, the fair value of Martin shares held by Aykroyd is $1,570,000. This is the first reporting date since the January 2 sale. Instructions a. What effect does the January 2, 2020, transaction have upon Aykroyd's accounting treatment for its investment in…Following is a list of investments owned by Ivanhoe Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 1,000 $8.00 $7.10 FDY Ltd. 3,000 6.90 6.95 CTN Corporation 4,600 5.00 5.80 On January 15, 2021, Ivanhoe sold the shares in CTN Corporation for $6.25 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2021 (To adjust to current fair value) (To record the sale of shares) (Reclassification…
- OweOn January 1, 2025, Pina Company paid $765000 for 102000 shares of Blossom Company's common stock, which represents 25% of Blossom Company's outstanding common stock, Blossom Company reported income of $306000 and paid cash dividends of $81600 during 2025 Pina Company should report the investment in Blossom Company on its December 31, 2025, balance sheet at O $821100. $785400. $765000 O$841500On January 1, 2019, Lallo Company
- Following is a list of investments owned by Martinez Ltd., as of the company’s year-end, December 31, 2020: Investment No. Shares Cost Fair Value HFX Corporation 1,200 $9.00 $8.20 FDY Ltd. 2,100 6.50 6.55 CTN Corporation 3,700 7.00 7.60 On January 15, 2021, Martinez sold the shares in CTN Corporation for $8.10 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2021 (To adjust to current fair value) (To record the sale of shares) (Reclassification…M.T. Glass, Inc. purchased the following investments on January 1, 2028: 1. 21,000 shares (representing 42%) of AA Company stock for $546,000 2. 18,000 shares (representing 9%) of ZZ Company stock for $306,000 AA Company and ZZ Company reported the following information for the years 2028 and 2029: 2028: Net income Total dividends paid Market value at Dec 31 2029: Net income Total dividends paid Market value at Dec 31 AA Company $140,000 $ 78,000 $33 per share AA Company $210,000 $ 90,000 $35 per share ZZ Company $225,000 $ 53,000 $22 per share ZZ Company $280,000 $125,000 $23 per share Calculate the total investments shown in M.T. Glass, Inc.'s December 31, 2028 balance sheet (i.e., the balance in the Investment in AA Company plus the balance in the Investment in ZZ Company).Fill in the blanks: On January 1, 2020 Iskrambol Company purchased 20% of lce Buko Company's ordinary shares for P3,000,000.00. During 2020, Ice Buko reported a net income of P3,500,000.00 and paid a cash dividends of P2,000,000.00 on its ordinary shares. Compute a Investment Income for 2020 The balance of "Investment in associale" as of 12.31.2020 ( Previous 23 f