Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Investments 2,000 shares of David Jones Inc., common 5,600 shares of Hearn Corp., common 380 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 Carrying Amount (before adjustment) $111,000 In 2023, Pina Colada completed the following securities transactions: Investments 207,200 5,600 shares of Hearn Corp., common 800 shares of Oberto Ltd., common 380 shares of Alessandro Inc., preferred TO $371,400 53,200 Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500. Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400. Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023: Original Cost $207,200 56,800 Fair Value 53,200 $317,200 $106,000 200,600 $361,300 Fair Value $200,600 54,700 54,500 50,100 $305,200 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.
Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Investments 2,000 shares of David Jones Inc., common 5,600 shares of Hearn Corp., common 380 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 Carrying Amount (before adjustment) $111,000 In 2023, Pina Colada completed the following securities transactions: Investments 207,200 5,600 shares of Hearn Corp., common 800 shares of Oberto Ltd., common 380 shares of Alessandro Inc., preferred TO $371,400 53,200 Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500. Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400. Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023: Original Cost $207,200 56,800 Fair Value 53,200 $317,200 $106,000 200,600 $361,300 Fair Value $200,600 54,700 54,500 50,100 $305,200 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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11, please answer the following question. thanks
Transcribed Image Text:Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of
investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022:
Investments
2,000 shares of David Jones Inc., common
5,600 shares of Hearn Corp., common
380 shares of Alessandro Inc., preferred
Mar. 1
Apr. 1
In 2023, Pina Colada completed the following securities transactions:
Investments
Carrying Amount
(before adjustment)
$111,000
5,600 shares of Hearn Corp., common
800 shares of Oberto Ltd., common
380 shares of Alessandro Inc., preferred
207,200
(a)
$371,400
53,200
Account Titles and Explanation
Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500.
Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400.
Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023:
Original Cost
$207,200
56,800
53,200
Fair Value
$317,200
$106,000
200,600
$361,300
Fair Value
54,700
$200,600
54,500
50,100
$305,200
Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.
Prepare Pina Colada general journal entry to record the adjusting entry for December 31, 2022. (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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