(To adjust to fair value on date of disposition)(To record disposal)Fair Value-Other ComprehensiveIncome (OCI) without recycling:(To reclassify holding gain) Cheyenne Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In order to get a better return on some of itsexcess cash, Cheyenne purchased 130 common shares of AFS Corporation on July 1, 2023 at a price of $3 per share. Due to the natureof the investment, Cheyenne's management is accounting for the equity investment using the fair-value through other comprehensiveincome (FV-OCI) without recycling to net income. On August 1, 2023, AFS declared dividends of $2/share, and paid those dividends onAugust 20, 2023. On December 31, 2023, shares in AFS were trading at $5 per share. On September 15, 2024, Cheyenne sold theshares in AFS for $6 per share.Prepare the journal entries required to record the above transactions on the books of Cheyenne Ltd. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the orderpresented in the problem.)DateAccount Titles and ExplanationDebitCredit

Name: (To adjust to fair value on date of disposition)(To record disposal)F
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Description: (To adjust to fair value on date of disposition)(To record disposal)Fair Value-Other ComprehensiveIncome (OCI) without recycling:(To reclassify holding gain) Cheyenne Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In

A basic accounting record known as a journal entry is used to track and record financial…

Business

Accounting

Prepare the journal entries required to record the above transactions on the books of Cheyenne Ltd. (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

Prepare the journal entries required to record the above transactions on the books of Cheyenne Ltd. (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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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