Problem 17-1o Marin, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company Rogers Company Chance Company 960 shares $15 each 860 shares $19 each 480 shares $8 each $14,400 16,340 3,840 34,580 (7,780 ) Equity investments cost Fair value adjustment Equity investments e fair value $26,800 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share. On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share. 2. 3. 4. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7. During 2021, the following transactions took place. On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share. On March 1, Rogers Company paid a $2 per share dividend. On Dec 5. 6. ember 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31, 2021, the stocks had the following price per share values: Evers $19 and Rogers $20. 7. 2 Your answer is partially correct. Try again. Prepare journal entries for each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (1)T Investment Income 1720 Dividend Revenue 1720 Cash 3600 Investment Income 2400 Gain on Sale of Investn 1200 (3) TDebt Investments 1760 Cash 1760 (4)E Equity Investments 2710 Revenue from Investm 2710 (5) Cash 1260 Loss on Sale of Investmen 180
Problem 17-1o Marin, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company Rogers Company Chance Company 960 shares $15 each 860 shares $19 each 480 shares $8 each $14,400 16,340 3,840 34,580 (7,780 ) Equity investments cost Fair value adjustment Equity investments e fair value $26,800 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share. On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share. 2. 3. 4. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7. During 2021, the following transactions took place. On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share. On March 1, Rogers Company paid a $2 per share dividend. On Dec 5. 6. ember 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31, 2021, the stocks had the following price per share values: Evers $19 and Rogers $20. 7. 2 Your answer is partially correct. Try again. Prepare journal entries for each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (1)T Investment Income 1720 Dividend Revenue 1720 Cash 3600 Investment Income 2400 Gain on Sale of Investn 1200 (3) TDebt Investments 1760 Cash 1760 (4)E Equity Investments 2710 Revenue from Investm 2710 (5) Cash 1260 Loss on Sale of Investmen 180
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 17-10
Marin, Inc. had the following equity investment portfolio at January 1, 2020.
960 shares @ $15 each
860 shares @ $19 each
$14,400
16,340
Evers Company
Rogers Company
Chance Company
Equity investments @ cost
Fair value adjustment
Equity investments @ fair value
480 shares @ $8 each
3,840
34,580
(7,780 )
$26,800
During 2020, the following transactions took place.
On March 1, Rogers Company paid a $2 per share dividend.
On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share.
On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share.
At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7.
1.
2.
3.
4.
During 2021, the following transactions took place.
On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share.
On March 1, Rogers Company paid a $2 per share dividend.
On December 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month.
At December 31, 2021, the stocks had the following price per share values: Evers $19 and Rogers $20.
5.
6.
7.
8.
Z Your answer is partially correct. Try again.
Prepare journal entries for each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No. Account Titles and Explanation
Debit
Credit
(1)TInvestment Income
1720
Dividend Revenue
1720
(2)
Cash
3600
Investment Income
2400
Gain on Sale of Investn
1200
(3) TDebt Investments
1760
Cash
1760
(4)
Equity Investments
2710
Revenue from Investme
2710
(5)부
[Cash
1260
Loss on Sale of Investmen
180
Transcribed Image Text:Cash
1260
Loss on Sale of Investmen
180
(6)뮤
(7)
(8)부
SHOW LIST OF ACCOUNTS
x Your answer is incorrect. Try again.
Prepare a partial balance sheet showing the investment-related amounts to be reported at December 31, 2020 and 2021.
Marin, Inc.
Balance Sheet (Partial)
December 31, 2020
December 31, 2021
Click if you would like to Show Work for this question: Open Show Work
SHOW LIST OF ACCOUNTS
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