Rose Company had no-short investments prior to this year. It had the following transactions this yearinvolving short-term stock investments with insignificant influence.April 16 Purchased 3,500 shares of Gem Company stock at $24 per share.July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share.July 20 Purchased 1,000 shares of Xerox stock at $16 per share.August 15 Received a $1.00 per share cash dividend on the PepsiCo shares.August 28 Sold 2,000 shares of Gem Company stock at $30 per share.October 1 Received a $2.50 per share cash dividend on the PepsiCo shares.December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares.December 31 Received a $1.50 per share cash dividend on the pepsi shares.The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.Prepare the current asset section of the balance sheet for the fair value adjustment for Rose's short-terminvestments. Note: Amounts to be deducted should be entered with a minus sign.

Initially, the investments are recorded at the acquisition cost that includes the brokerage or…

Answered: Rose Company had no-short investments…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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! Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 880 shares of RPI Company stock at $13 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 440 shares of RPI stock for $23 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list

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