On July 8, Year 2, Cascade Corp. purchased 3,500 shares of Summit Inc. for $78 per share, including brokerage commissions. The investment was classified as an available-for-sale security. On December 31, Year 2, the fair value of Summit Inc. was $85 per share. Cascade Corp. reported net income of $135,000 for Year 2. Compute the comprehensive income for Cascade Corp. for the ended December 31, Year 2. year
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- On May 12, Year 1, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On December 31, Year 1, the fair value of Jedi Inc. was $124 per share. The net income of Chewco Co. was $50,000 for Year 1.Compute the comprehensive income for Chewco Co. for the year ended December 31,Year 1.On May 12, year 1, Chewco Co. Purchased... Please provide answer the general accounting questionFinancial Accounting
- Please given correct answer general accountingI want to correct answer accounting questionsZeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Year 1 Feb. 14. Purchased 3,600 shares of Apollo Inc. as a trading security at $43 per share plus a brokerage commission of $720. Apr. 1. Purchased 1,700 shares of Ares Inc. as a trading security at $17 per share plus a brokerage commission of $340. June 1. Sold 900 shares of Apollo Inc. for $44 per share less an $120 brokerage commission. June 27. Received an annual dividend of $0.14 per share on Apollo Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $47 and $18 per share for Apollo Inc. and Ares Inc., respectively. Year 2 Mar. 14. Purchased 1,600 shares of Athena Inc. as a trading security at $50 per share plus a $240 brokerage commission. June 26. Received an annual dividend of $0.17 per…
- Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31:Year 1Feb. 14. Purchased 4,800 shares of Apollo Inc. as a trading security at $26 per share plus a brokerage commission of $192.Apr. 1. Purchased 2,300 shares of Ares Inc. as a trading security at $19 per share plus a brokerage commission of $92.June 1. Sold 600 shares of Apollo Inc. for $32 per share less a $100 brokerage commission.27. Received an annual dividend of $0.20 per share on Apollo Inc. stock.Dec. 31. The portfolio of trading securities was adjusted to fair values of $33 and $18.50 per share for Apollo Inc. and Ares Inc., respectively.Year 2Mar. 14. Purchased 1,200 shares of Athena Inc. as a trading security at $65 per share plus a $120 brokerage commission.June 26. Received an annual dividend of $0.21 per share on Apollo Inc. stock.July 30.…Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: Year 1 Feb. 14. Purchased 3,400 shares of Apollo Inc. as a trading security at $38 per share plus a brokerage commission of $680. Apr. 1. Purchased 1,600 shares of Ares Inc. as a trading security at $15 per share plus a brokerage commission of $320. June 1. Sold 800 shares of Apollo Inc. for $39 per share less an $100 brokerage commission. June 27. Received an annual dividend of $0.11 per share on Apollo stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $42 and $16 per share for Apollo Inc. and Ares Inc., respectively. Year 2 Mar. 14. Purchased 1,500 shares of Athena Inc. as a trading security at $44 per share plus a $225 brokerage commission. June 26. Received an annual dividend of $0.14 per share…On April 1, 2024, Sunland Company purchased 44,800 common shares in Ecotown Ltd. for $13 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $15 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles く Debit Credit
- On April 1, 2024, Sandhill Company purchased 46,400 common shares in Ecotown Ltd. for $13 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $15 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Save for Later Account Titles Debit Credit Attempts: 0 of 1 used Submit AnswerOn April 1, 2024, Sheridan Company purchased 34,400 common shares in Ecotown Ltd. for $18 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $20 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date 10 Account Titles Debit CreditAylmer Corp has the following transactions relating to investments. Aylmer Corp has a December 31 year end. 01-Sep-19 Aylmer Corp purchased 3,100 shares of Belmont Inc at $13.00 per share. 31-Oct-19 Belmont Inc paid dividends of $5.00 per share. 31-Dec-19 Belmont Inc shares had a fair value of $12.00 per share. 31-Dec-19 Belmont Inc reported net income of $63,000 for the year. 01-Mar-20 Aylmer Corp sold all of Belmont Inc shares for $17.00 per share. Additional Information: Assume Aylmer Corp uses the fair value through other comprehensive income (FV-OCI) method to account for its investments. Dividend income is required to be recorded in a separate account. REQUIRED: Prepare the appropriate entries for the above transactions.