On April 1, 2024, Sunland Company purchased 44,800 common shares in Ecotown Ltd. for $13 per share. Management has designatedthe investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $15 per share onDecember 31.Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before creditentries.)DateAccount TitlesくDebitCredit

Adjusting Journal Entry -A general ledger entry made at the conclusion of an accounting period to…

Answered: On April 1, 2024, Sunland Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Domestic
On January 1, Sohar Corporation purchased a 25% equity in Salalah Corporation for $120,000. At December 31, Salalah declared and paid a $50,000 cash dividend and reported net income of $250,000. Instructions (a) Journalize the transactions. (b) Determine the amount to be reported as an investment in Salalah stock at December 31.
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Bloom Company obtained land by issuing 2,110 shares of its $19 par value common stock. The land was recently appraised at $107,800. The common stock is actively traded at $49 per share.Prepare the journal entry to record the acquisition of the land. (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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Nash Company obtained land by issuing 2,270 shares of its $10 par value common stock. The land was recently appraised at $115,230. The common stock is actively traded at $49 per share. Prepare the journal entry to record the acquisition of the land. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Zeus Investments Inc. is a regional freight company that began operations on January 1, 20Y8. The following transactions relate to trading securities acquired by Zeus Inc., which has a fiscal year ending on December 31: 20Y8 Feb. 14. Purchased 1,800 shares of Apollo Inc. common stock at $27 per share plus a brokerage commission of $360. Apollo Inc. has 78,960 shares of common stock outstanding. Apr. 1. Purchased securities of Ares Inc. as a trading investment for $10,080. June 1. Sold 400 shares of Apollo Inc. for $28 per share less a $50 brokerage commission. June 27. Received an annual dividend of $0.12 per share on 1,400 shares of Apollo Inc. stock. Oct. 15. Sold the remaining shares of Apollo Inc. for $26 per share less a $21 brokerage commission. Dec. 31. The trading securities of Ares Inc. have a fair value on December 31 of $13,080. 20Y9 Mar. 14. Purchased securities of Athena Inc. as a trading investment for $25,720. July 30. Sold securities of Athena Inc.…
On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3, Kick Off sold 1,700 of the reacquired shares at $57 per share. November 14, Kick Off sold the remaining shares at $53 per share. Journalize the transactions of May 27, August 3, and November 14. For a compound transaction, if an amount box does not require an entry, leave it blank. May 27 Aug. 3 Nov. 14
The following information is available about Ayayai Corp.'s investments at December 31, 2023. This is the first year Ayayai has purchased securities for investment purposes. Securities 2,500 shares of Petra Corporation common shares 900 shares of Dugald Inc. preferred shares Ayayai follows IFRS. (a) Cost Account Titles and Explanation $25,000 18,000 $43,000 Fair Value $30,000 16,000 $46,000 Prepare the adjusting entry for December 31, 2023, assuming the investments are acquired for trading purposes and accounted for using the FV-NI model with no separate reporting of dividends and other types of FV-NI investment income and losses. (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 debit entry before credit entry.) Debit Credit
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On January 2, Cohan Company acquired 42% of the outstanding stock of Sanger Company for $552,500. For the year ended December 31, Sanger Company earned income of $135,100 and paid dividends of $20,700. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles.
Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the investment as a trading security. Concord sold 270 shares of the stock for $21 each. At year end the price per share of the Sugarland Company had increased to $22.Prepare the journal entries for these transactions and any year-end adjustments. (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.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the sale enter a debit amount enter a credit amount enter an account title to record the sale enter a debit amount enter a credit…

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