On January 5, 2025, Beacon Systems Inc. purchased machinery by issuing 4,000 shares of $2 par value common stock. The machinery had a market value of $42,000, and the market price of the stock was $10.50 per share on the date.
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- On November 16, 2027, XYZ Company purchased 17,000 shares(representing 12%) of Company C stock for $13 per share.On August 23, 2028, XYZ Company sold 2,400 shares of theCompany C stock for $19 per share. The market value ofthe Company C stock at December 31, 2028 was $29 per share.XYZ Company sold 3,500 shares of the Company C stock onMarch 20, 2029 for $33 per share. At December 31, 2029,the market value of the Company C stock was $11 per share. Calculate the amount of the unrealized loss reported onXYZ Company's 2029 income statement. Do not enter youranswer with a minus sign in front of your number.On March 22, 2023, Amelia, Inc., purchased 500 shares of its own common stock in the market for $21 per share. On May 19, 2023, the company sold 300 of these shares in the open market at a price of $24 per share. Required: Use the horizontal model (or write the entry) to show the effects on Amelia, Inc.'s financial statements of: a). The purchase of the treasury stock on March 22, 2023. The sale of the treasury stock on May 19, 2023. b).On April 15, 2023, Rizzo Inc. purchased 34,500 shares of Hernandez, Inc. for $22 per share (passive interest). During the year Rizzo Inc. sold 4,500 shares of Hernandez, Inc. for $25 per share. Rizzo Inc. started operations on January 1, 2023. At December 31, 2023 the market price of Hernandez, Inc.’s stock was $19 per share. What is the total amount of unrealized gain (loss) that Rizzo Inc. will report through its income statement for the year ended December 31, 2023 related to its investment in Hernandez, Inc. stock?
- On January 1, 2023, EE Company acquired 70,000 shares, representing 20% of the outstanding shares of WW Limited, at a price of $10 per share. On July 31, 2023, WW declared and paid a dividend of $1 per share. WW's net income for 2023 was $1,250,000. On December 31, 2023, the shares of WW were trading on the Toronto Stock Exchange at $14 per share. Required EE is not sure how to report its investment in WW shares. Using the following format, indicate the amounts that would appear on the balance sheet and the statement of comprehensive income for 2023 if the investment (a) has been irrevocably elected to be measured at fair value through OCI, (b) is classified as FVPL, or (c) is an associate. Complete the balance sheet in the following table. (For entries with a $0 balance, make sure to enter "0" in the appropriate column.) Balance sheet Investment in WW shares Fair value through OCI election FVPL AssociateClark Company acquired 15% of the 500,000 shares of common stock of Davis Company at a total cost of $25.75 per share on June 1, 2025. On October 1, Davis Company declared and paid a $50,000 cash dividend. On December 31, Davis Company stock had a market price of $27.00 per share and the company reported net income of $1,250,000 for the year. The securities are classified as trading. Prepare all journal entries for 2025. June 1 Oct 1 Dec 31 Use the information above: Assume Clark Company acquired 40% of the shares of Davis Company. June 1 Oct 1 Dec 31Please help me
- On January 1, 2024, Cat Company purchased the following investments: 1) 20,000 shares (representing 35%) of AA Company stock for $23 per share. 2) 8,000 shares (representing 14%) of ZZ Company stock for $15 per share.. Cat Company recorded the sale of some of its investments during 2025 as follows: 1) On December 31, 2025, Cat Company sold 6,000 shares of the AA Company stock for $30 per share. 2) On September 1, 2025, Cat Company sold 4,000 shares of the ZZ Company stock for $21 per share. During 2024 and 2025, AA Company and ZZ Company reported the following information: AA Company: Net income. Total dividends paid Market value at Dec 31 ZZ Company: Net income Total dividends paid Market value at Dec 31 2024 $200,000 $105,000 $27 per share 2024 $260,000 $125,000 $26 per share 2025 $160,000 $ 35,000 $24 per share 2025 $225,000 $100,000 $29 per share Calculate the balance in the Investment in AA Company account reported on Cat Company's December 31, 2024 balance sheet.Oriole Corporation has 100000 shares of $10 par common stock authorized. The following transactions took place during 2025, the first year of the corporation's existence: Sold 20700 shares of common stock for $14.50 per share. Issued 20400 shares of common stock in exchange for a patent valued at $306000. At the end of Oriole's first year, total paid-in capital was $300150. $606150. $306000. O $120700.On September 1, 2025, Sheridan Company reacquired 31400 shares of its $10 par value common stock for $15 per share. Sheridan uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit O Treasury Stock for $471000. O Common Stock for $314000. O Treasury Stock for $314000. O Common Stock for $314000 and Paid-in Capital in Excess of Par for $157000.
- On June 1, 2024, Blue Company distributed to its common stockholders 140,000 outstanding common shares of its investment in Red Incorporated which is an unrelated party. The book value on Blue’s books of Red's $1 par common stock was $1.40 per share. Immediately after the declaration, the market price of Red's stock was $2.90 per share. In its income statement for the year ended June 30, 2024, what amount should Blue report as gain before income taxes on disposal of the stock?Blue Spruce Corporation made the following purchases of investments during 2023, the first year in which Blue Spruce invested in equity securities: 1. On January 15, it purchased 12,240 shares of Nirmala Corp's common shares at $45.60 per share plus commission of $2,694. 2. 3. On April 1, it purchased 6,800 shares of Oxana Corp.'s common shares at $71 per share plus commission of $4,583. On September 10, it purchased 9,520 shares of WTA Corp.'s preferred shares at $36.60 per share plus commission of $3,958. On May 20, 2023, Blue Spruce sold 4,080 of the Nirmala common shares at a market price of $48 per share less brokerage commissions of $3,876. The year-end fair values per share were as follows: Nirmala $41, Oxana $75, and WTA $38. The chief accountant of Blue Spruce tells you that Blue Spruce holds these investments with the intention of selling them to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model. Blue Spruce follows IFRS.…Panthers Corp. purchased 16,000 shares of Canes Corp. for $10 per share on April 1, 2022. As per IFRS 9, Panthers chose to classify this new investment as FVOCI at the time of the purchase. On November 1, 2022 Canes paid a dividend of $6 per share. At balance sheet date the market price of Canes was $9 per share. On March 1, 2023 Panthers sold all 16,000 shares for $15 per share. 1) Prepare the journal entries required under IFRS as well as those that would be required under GAAP.
