On March 15, Year 1, Atlas Corp. purchased 3,000 shares of Beta Inc. for $85 per share, including brokerage fees. The investment was classified as available-for-sale security. On December 31, Year 1, Beta Inc.'s shares were trading at $98 per share. Atlas Corp.'s net income for Year 1 was $75,000. Calculate Atlas Corp.'s comprehensive income for the year ended December 31, Year 1.
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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.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 3,600 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…
- Financial AccountingZeus 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…Please given correct answer general accounting
- On 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 CreditOn 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, 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 December 29, Adams Apples purchased 1,000 shares of General Electric common stock for $19,000 and placed the investment in an active trading account for immediate resale. On December 31, the market value of the stock is $20 per share. What is the appropriate reporting category for this investment, and at what amount will Adams Apples report it in the year-end balance sheet?Forte Inc. produces and sells theater set designs and costumes. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Forte Inc., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1 Jan. 22 Purchased 29,800 shares of Sankal Inc. as an available-for-sale security at $18 per share, including the brokerage commission. Mar. 8 Received a cash dividend of $0.20 per share on Sankal Inc. stock. Sep. 8 A cash dividend of $0.24 per share was received on the Sankal stock. Oct. 17 Sold 3,800 shares of Sankal Inc. stock at $16 per share less a brokerage commission of $75. Dec. 31 Sankal Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $25 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. Record these transactions on page 11: Year 2 Jan. 10 Purchased an…Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31: Year 1 Jan. 18. Purchased 5,400 shares of Malmo Inc. as an available-for-sale investment at $36 per share, including the brokerage commission. July 22. A cash dividend of $0.45 per share was received on the Malmo stock. Oct. 5. Sold 1,600 shares of Malmo Inc. stock at $39 per share less a brokerage commission of $50. Dec. 18. Received a regular cash dividend of $0.45 per share on Malmo Inc. stock. Dec. 31 Malmo Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $34 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. Year 2 Jan. 25. Purchased an influential interest in Helsi Co. for $670,000 by purchasing 73,500 shares directly from…