15 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.

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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

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Problem 14DQ

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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.
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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)
Problem 4: On January 1, 2019, Backstreet Co. purchased 15,000 shares of Nsync Inc. for P600,000. Commission paid to the broker is 5% of the total purchase price. On December 31, 2019 and December 31, 2020, the shares were quoted at P50 and P52 per share, respectively. On January 3, 2021, all of the 15,000 shares were sold at P62 per share. Commission paid for the sale amounted to P50,000. CLASSIFICATION 1. At what amount should the equity investment be initially recorded? 2. How much is the unrealized gain (loss) recognized in the 2019 profit or loss? 3. How much is the unrealized gain (loss) recognized in the 2019 other comprehensive income? 4. How much is the cumulative unrealized gain (loss) recognized in 2019 other comprehensive income? 5. How much is the cumulative unrealized gain (loss) recognized in other comprehensive income as of December 31, 2020? 6. How much is the realized gain (loss) recognized in profit or loss as a result of sale of investments on January 3, 2021? 7.…
On March 1, 2016 Chris Company purchased 10,000 ordinary shares of LV Corp. at P80 per share. On September 30, 2016, Chris received 10,000 stock rights to purchase an additional 10,000 shares at P90 per share. The stock rights had an expiration date on February 1, 2017.On September 30, 2016, LVC's share had a market value P95 and the stock right has a market value of P5.What amount should Chris report in its September 30, 2016 statement of financial position for investmentin stock rights?a. 150,000b. 100,000c. 50,000d. 60,000
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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?
Wilson corporation buys the following investments on January 10, 2019: 1. 1,000 shares in Foxcom. total cost $15,000 2. 500 shares in Lamb computer, total cost $6,000 On April 10 2012 Wilson corporation sold 200 Foxcom shares for $2,800 total and 100 Lamb Computer shares for $1,300 total. Instructions 1. Prepare the jourmal entry to record the purchase of Eoxcom shares 2. Prepare the journal entry to record the purchase of Lamb Computer shares 3. Prepare the journal entries for the sale of the Foxcom shares and the sale of the Lamb Computer shares 3. Indicate the amount that the remaining shares should be recorded in the balance sheet at December 31, 2019, assuming the following: a. There were no further transactions during the months of May to December 2019. b. The year-end (December 31, 2019) market value of Eoxcom shares and Lamb Computer shares had remained the same since January 10, 2019.
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…

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