Account Titte and ExplanationJan 21Investment in Company Shares3733.8Cash3733.8To record acquisition of common sharesAug 30Cash590.1590.1Dividend RevenueTo record dividend received1.61Dec 31Valuation Allowance for Fair Value Adjustment1.61Unrealized Gain on Fair Value AdjustmentTo record fair value adjustment to shares4256.7Jan 28CashValuation Allowance for Fair Value AdjustmentInvestment in Company Shares1113Gain on Sale of Investment Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is December 31.Lowland Company reports its investments according to ASPE.1) On January 21, 2020, Lowland Company purchased 210 common shares of Huntsmen Holding on the TorontoStock Exchange at $17.78 per share. This represents a very small percentage of outstanding shares in the company,and Lowland Company plans to keep these for more than one year.2) On August 30, 2020, Lowland Company received dividends from Huntsmen Holding of $2.81 per share.3) On December 31, 2020, the trading price of Huntsmen Holding went up to $19.39 per share.4) On January 28, 2021, Lowland Company sold all Huntsmen Holding shares at $20.27 per share.RequiredRecord journal entries for Lowland Company's investment activities.Do not enter dollar signs or commas in the input boxes.For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order.Round all answers to 2 decimal places.

1. Investment in company = Number of shares * Price per share…

Answered: Jan 21 Investment in Company Shares…

Business

Accounting

Jan 21 Investment in Company Shares 3733.8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Part B Kitacon's IPO public portion oversubscribed by 11.46 times January 11, 2023 KUALA LUMPUR (Jan 11): The public portion of Kumpulan Kitacon Bhd's initial public offering (IPO) was oversubscribed by 11.46 times, the company said, with applications for 124.58 million shares received for the 10 million shares available for application by the Malaysian public. Kitacon, which sought to raise RM51.74 million from the IPO, said that another 8.59 million new shares to be issued to eligible directors, employees and persons have been fully subscribed. Kitacon is also issuing 57.5 million new shares by way of private placement to institutional and selected investors. In total, the IPO's new issuance totalled 76.09 million shares at 68 sen. KITACON IC Required Based on the above news from The Edge Market, prepare the journal entries to record the above situation assuming that the Kitacon Bhd's issues Preferences shares and the directors decided to reject 30% of the application received.
On January 5, 2020, Bramble Corporation received a charter granting the right to issue 4,600 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 49,800 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 19,300 shares of common stock at $16 per share. Feb. 1 Issued to Sanchez Corp. 3,600 shares of preferred stock for the following assets: equipment with a fair value of $50,600; a factory building with a fair value of $153,000; and land with an appraised value of $290,000. July 29 Purchased 2,000 shares of common stock at $19 per share. (Use cost method.) Aug. 10 Sold the 2,000 treasury shares at $15 per share. Dec. 31 Declared a $0.45 per share cash dividend on the common stock and declared the preferred dividend. Dec. 31 Closed the Income Summary account. There was a $162,500 net income.
EX 17-21
Chapter 15 Investments and Fair Value Accounting 713 EX 15-11 Equity method for stock investment 0On January 4, 2016, Spandella Company purchased 175,000 shares of Filington Company OBJ. 3 directly from one of the founders for a price of $30 per share. Filington has 500,000 shares outstanding, including the Penman shares. On July 2, 2016, Filington paid $620,000 in total dividends to its shareholders. On December 31, 2016, Filington reported a net income of $1,050,000 for the year. Spandella uses the equity method in accounting for its investment in Filington. a. Provide the Spandella Inc. journal entries for the transactions involving its investment in Filington Inc. during 2016. b.Determine the December 31, 2016, balance of the Investment in Filington Company. Stock account. OBJ.3 Bulldog Co. purchased 34% of the outstanding stock of Gator Co. all shareholders on June 30. EX 15-12 Equity method for stock investment with loss
Exercise 19-21 EPS; convertible preferred stock; convertible bonds; order of entry [LO19-7, 19-9] Information from the financial statements of Ames Fabricators, Inc., included the following: Common shares Convertible preferred shares (convertible into 34,000 shares of common) 10% convertible bonds (convertible into 20,000 shares of common) Basic EPS Diluted EPS Numerator 1 1 1 Denominator = Ames's net income for the year ended December 31, 2018, is $520,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2018. = December 31 Required: Compute basic and diluted earnings per share for the year ended December 31, 2018. (Enter your answers in thousands.) = 2018 100,000 Earnings per Share 13, 200 $1,000,000 2017 100,000 13, 200 $1,000,000
roblem 15-3A Debt investments in available-for-sale securities; unrealized and realized gains and losses LO P3 Skip to question [The following information applies to the questions displayed below.] Stoll Co.'s long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 533,600 $ 492,000 Company B notes 159,310 150,000 Company C bonds 661,900 641,950 Stoll enters into the following transactions involving its available-for-sale debt securities this year. Jan. 29 Sold one-half of the Company B notes for $78,430. July 6 Purchased bonds of Company X for $120,800. Nov. 13 Purchased notes of Company Z for $267,100. Dec. 9 Sold all of the bonds of Company A for $524,100. The fair values at December 31 are B, $82,500; C, $609,100; X, $118,000; and Z, $279,000. Problem 15-3A Part 1 and 2 Required:1. Prepare journal entries to…
Financial Management CH 16 HW Please show work. Question 8
question 7 is attached below thanks for help aprpecaited itph2 5h 25pho
Please answer 20 on the basis of information in Problem 19
Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options [LO19-5, 19-6, 19-7, 19-8] On December 31, 2020, Berclair Inc. had 420 million shares of common stock and 6 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 112 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $700 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share.Required: Compute Berclair's basic and diluted earnings per share for the year ended…
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders' equity of Sherman Systems appears as follows: Common stock-S10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings 720,000 216,000 864,000 Total stockholders' equity $ 1,800,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $20 cash per share. View transaction list Journal entry worksheet 3 Record the purchase of 5,000 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a.
Exercise 19-11 (Static) Employee share purchase plan; Microsoft [LO19-3] Microsoft Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased 2018 13 $76.40 Average price per share. $142.22 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. No Required: Prepare the journal entry that summarizes Microsoft's employee share purchases for the year ending June 30, 2020. Note: If no…