answer in text form please (without image) Sheffield Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019:Carrying Amount(before adjustment)Investments2,000 shares of David Jones Inc., common5,900 shares of Hearn Corp., common450 shares of Alessandro Inc, preferredIn 2020, Sheffield completed the following securities transactions:Mar. 1Apr. 1$103,000218,30058,500$379,800InvestmentsFair ValueSold the 2,000 shares of David Jones Inc. common at $44 per share, less fees of $300.Bought 600 shares of Oberto Ltd. common at $77 per share, plus fees of $1,600.Sheffield Corporation's portfolio of trading securities appeared as follows on December 31, 2020:Fair ValueOriginal Cost$218,30046,20058,500$323,0005,900 shares of Hearn Corp., common600 shares of Oberto Ltd, common450 shares of Alessandro Inc., preferred$210,800$98,300210,80060,700$369,80044,40056,400$311,600Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.Prepare the Sheffield Corporation general journal entry to record the sale of the David Jones Inc. shares. (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 account titles and enter 0 for the amounts.)

FV-NI stands for "Fair Value through Net Income." Accounting for securities under FV-NI is a method…

Sheffield Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019: Carrying Amount (before adjustment) Investments 2,000 shares of David Jones Inc, common 5,900 shares of Hearn Corp, common 450 shares of Alessandro Inc, preferred In 2020, Sheffield completed the following securities transactions: Mar. 1 Apr. 1 Investments $103,000 218,300 58,500 $379,800 Sheffield Corporation's portfolio of trading securities appeared as follows on December 31, 2020: Original Cost Fair Value $218.300 5,900 shares of Hearn Corp, common 600 shares of Oberto Ltd, common 450 shares of Alessandro Inc, preferred Fair Value Sold the 2,000 shares of David Jones Inc. common at $44 per share, less fees of $300. Bought 600 shares of Oberto Ltd. common at 577 per share, plus fees of $1,600. 46,200 58,500 $323,000 $210,800 44,400 $98,300 210,800 56,400 $311,600 60,700 $369,800 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately

Sheffield Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019: Carrying Amount (before adjustment) Investments 2,000 shares of David Jones Inc, common 5,900 shares of Hearn Corp, common 450 shares of Alessandro Inc, preferred In 2020, Sheffield completed the following securities transactions: Mar. 1 Apr. 1 Investments $103,000 218,300 58,500 $379,800 Sheffield Corporation's portfolio of trading securities appeared as follows on December 31, 2020: Original Cost Fair Value $218.300 5,900 shares of Hearn Corp, common 600 shares of Oberto Ltd, common 450 shares of Alessandro Inc, preferred Fair Value Sold the 2,000 shares of David Jones Inc. common at $44 per share, less fees of $300. Bought 600 shares of Oberto Ltd. common at 577 per share, plus fees of $1,600. 46,200 58,500 $323,000 $210,800 44,400 $98,300 210,800 56,400 $311,600 60,700 $369,800 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately

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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