Hepl me give solution Question:35Finch, Inc., purchases 1,000 shares of Bluebird Corporation stock onOctober 3, 2017, for $400,000.On December 12, 2017, Finch purchases an additional 750 shares ofBluebird stock for $280,000.According to market quotations, Bluebird stock is selling for $400 pershare on 12/31/17. Finch sells 500 shares of Bluebird stock on March1, 2018, for $224,000.What is Finch's recognized gain or loss from the sale of Bluebirdstock on March 1, 2018, assuming the shares sold are from theshares purchased on December 12, 2017? In your computations,round the per share amount to the nearest whole dollar, and use therounded amount in subsequent computations.

Given Data 1. Initial Purchase:Date: October 3, 2017Shares Purchased: 1,000 sharesTotal Cost:…

Answered: Question:35 Finch, Inc., purchases…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.14E

See similar textbooks

Similar questions

Parilo Company acquired 170,000 of Makofske Co., 5% bonds on May 1, 2016, at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, 2016, Parilo Company sold 50,000 of the bonds for 96. Journalize entries to record the following: a. The initial acquisition of the bonds on May 1. b. The semiannual interest received on November 1. c. The sale of the bonds on November 1. d. The accrual of 1,000 interest on December 31, 2016.
Provide answer this question
None
On February 1, 2019, Wild Bill Corporation repurchases 810 shares of its outstanding common stock for $9 per share. On March 1, 2019, Wild Bill sells 260 shares of treasury stock for $12 per share. On May 10, 2019, Wild Bill sells the remaining 550 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 fill in the blank 2 fill in the blank 4 (Record purchase of treasury shares) Mar. 1 fill in the blank 6 fill in the blank 7 fill in the blank 9 fill in the blank 10 fill in the blank 12 fill in the blank 13 (Record reissue of treasury shares) May 10 fill in the blank 15 fill in the blank 16 fill in the blank 18 fill in the blank 19 fill in the blank 21 fill in the blank 22 fill in the blank 24 fill in the blank 25 (Record reissue of treasury shares)
Harrison Co. purchases 5,000 of the 50,000 outstanding ordinary shares of Taylor, Inc for £500,000 on January 1, 2019. In 2019, Taylor earns a net income of £800,000 and pays cash dividends of £640,000. The market price per share was £132 on December 31, 2019, what is the investment balance at year-end? O a. 564,000 O b. 660,000 O c. 516,000 O d. 500,000
On Jan. 1, 2023 Apex Company purchases 30,000 shares of the common stock of Cary Industries for $2,000,000. Cary Industries has 100,000 shares of common stock issued and outstanding As a result of this investment Apex is given 3 of the 8 seats on Cary's board of directors. For 2023 Cary reports net income of $350,000. On June 1 and Sept. 1 Cary Industries pays a dividend of $0.25 per share to its shareholders. Required: At what amount should this investment be reported on Apex's balance sheet at Dec. 31, 2023?
Case A: On January 1, 2021, your company purchased 60,000 shares of Freeze Company's $10 par common stock for $26 per share in cash plus paid $10,000 of broker's fees. On that date, Freeze Company's assets and liabilities had a book value equal to market value except for their building which had a market value which was $80,000 higher than its book value and had a 20-year remaining life. 2021 a. Purchased 60,000 shares of Freeze Company's $10 par common stock for $26 per share in cash plus paid $10,000 in broker's fees.. b. Received $30,000 in cash dividends. On December 31, 2021: 1. Freeze Company's stock had a market value of $25 per share. с. 2. Freeze Company reported net income of $400,000. 2022 d. Received a 10% stock dividend. On December 31, 2022: 1. Freeze Company's stock had a market value of $24 per share. е. 2. Freeze Company reported net income of $500,000. Assume the 60,000 shares you purchased represented 30% of the outstanding shares of Freeze Company so you were using…
z1
Vishu
Subject: acounting
Do not give answer in image and hand writing
None

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781305088436

Author:

Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS