Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.) Account Titles and Explanation Cash FV-NI Investments Debit 93500 Credit
Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.) Account Titles and Explanation Cash FV-NI Investments Debit 93500 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
11, please answer part b, thanks
list of accounts
Accumulated Other Comprehensive Income
Allowance for Investment Impairment
Bond Investment at Amortized Cost
Cash
Commission Expense
Dividends Receivable
Dividend Revenue
FV-NI Investments
FV-OCI Investments
Gain on Disposal of Investments - FV-NI
Gain on Disposal of Investments - FV-OCI
Gain on Sale of Investments
GST Receivable
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Investment in Associate
Investment Income or Loss
Loss on Discontinued Operations
Loss on Disposal of Investments FV-NI
Loss on Disposal of Investments FV-OCI
Loss on Impairment
Loss on Sale of Investments
No Entry
Note Investment at Amortized Cost
Other Investments
Recovery of Loss from Impairment
Unrealized Gain or Loss
Unrealized Gain or Loss - OCI
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
5,600 shares of Hearn Corp., common
800 shares of Oberto Ltd., common
380 shares of Alessandro Inc., preferred
(a)
Carrying Amount
(before adjustment)
$111,000
Your Answer Correct Answer (Used)
207,200
Account Titles and Explanation
$371,400
Investment Income or Loss
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:
FV-NI Investments
53,200
Original Cost
$207,200
56,800
53,200
Fair Value
$317,200
$106,000
200,600
$361,300
Fair Value
$200,600
Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.
54,700
54,500
50,100
$305,200
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
10,100
Credit
10,100
Transcribed Image Text:Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.)
Account Titles and Explanation
Cash
FV-NI Investments
Debit
93500
Credit
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education