The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024 Investment income or (loss) Additional information: 1. The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $2,300, and loss on sale of the FVTPL investments of $2,700. The carrying amount of the FVTPL investment sold was $3,600. 2. 3. (a) Your Answer What is the cash amount received on the sale of the investment? (b) Amount received on the sale of the investment $ Correct Answer (Used) Your Answer Correct Answer (Used) (c) Prepare the journal entries that were recorded by Church to record the sale of the investment and the holding gain on fair value adjustment December 31, 2024. (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 O for the amounts. List all debit entries before credit entries.) Dec. 31 Date Account Titles and Explanation Cash Investment Income or Loss Investments at FVTPL (To record sale of investment.) $9,900 13,500 (400) Investments at FVTPL Investment Income or Loss (To record fair value adjustment.) Investments purchased $ Calculate the amount of investments purchased in 2024. Account Titles V 900 Debit Debit 900 2,700 2,300 Credit Prepare the entry to record the purchase. (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 O for the amounts. List debit entry before credit entry.) Credit 3,600 2,300
The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024 Investment income or (loss) Additional information: 1. The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $2,300, and loss on sale of the FVTPL investments of $2,700. The carrying amount of the FVTPL investment sold was $3,600. 2. 3. (a) Your Answer What is the cash amount received on the sale of the investment? (b) Amount received on the sale of the investment $ Correct Answer (Used) Your Answer Correct Answer (Used) (c) Prepare the journal entries that were recorded by Church to record the sale of the investment and the holding gain on fair value adjustment December 31, 2024. (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 O for the amounts. List all debit entries before credit entries.) Dec. 31 Date Account Titles and Explanation Cash Investment Income or Loss Investments at FVTPL (To record sale of investment.) $9,900 13,500 (400) Investments at FVTPL Investment Income or Loss (To record fair value adjustment.) Investments purchased $ Calculate the amount of investments purchased in 2024. Account Titles V 900 Debit Debit 900 2,700 2,300 Credit Prepare the entry to record the purchase. (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 O for the amounts. List debit entry before credit entry.) Credit 3,600 2,300
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter13: Marketable Securities And Derivatives
Section: Chapter Questions
Problem 24P
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Question
Part c please
![The following was reported by Church Financial in its December 31, 2024, financial statements:
Investments at FVTPL, December 31, 2023
Investments at FVTPL, December 31, 2024
Investment income or (loss)
Additional information:
2.
1. The investments at FVTPL are investments in equity securities held for trading purposes.
Investment income or loss consists of: holding gain on the FVTPL investments of $2,300, and loss on sale of the FVTPL
investments of $2,700.
The carrying amount of the FVTPL investment sold was $3,600.
3.
(a)
Your Answer
(b)
What is the cash amount received on the sale of the investment?
Correct Answer (Used)
(c)
Amount received on the sale of the investment $
Dec. 31
Your Answer Correct Answer (Used)
Prepare the journal entries that were recorded by Church to record the sale of the investment and the holding gain on fair value
adjustment at December 31, 2024. (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 O for the amounts. List all debit entries before credit
entries.)
Date Account Titles and Explanation
Cash
Investment Income or Loss
Investments at FVTPL
(To record sale of investment.)
$9,900
13.500
Investments at FVTPL
Investment Income or Loss
(400)
(To record fair value adjustment.)
Investments purchased $
Calculate the amount of investments purchased in 2024.
Account Titles
900
Debit
Debit
900
2,700
2,300
Credit
Prepare the entry to record the purchase. (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 O for the amounts. List debit entry before credit entry.)
Credit
3,600
2,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79a306b5-b12e-4486-bac2-651d62b64ad5%2F9f9e6fdc-8557-4852-ab07-7defd277ced5%2Fwu06udh_processed.png&w=3840&q=75)
Transcribed Image Text:The following was reported by Church Financial in its December 31, 2024, financial statements:
Investments at FVTPL, December 31, 2023
Investments at FVTPL, December 31, 2024
Investment income or (loss)
Additional information:
2.
1. The investments at FVTPL are investments in equity securities held for trading purposes.
Investment income or loss consists of: holding gain on the FVTPL investments of $2,300, and loss on sale of the FVTPL
investments of $2,700.
The carrying amount of the FVTPL investment sold was $3,600.
3.
(a)
Your Answer
(b)
What is the cash amount received on the sale of the investment?
Correct Answer (Used)
(c)
Amount received on the sale of the investment $
Dec. 31
Your Answer Correct Answer (Used)
Prepare the journal entries that were recorded by Church to record the sale of the investment and the holding gain on fair value
adjustment at December 31, 2024. (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 O for the amounts. List all debit entries before credit
entries.)
Date Account Titles and Explanation
Cash
Investment Income or Loss
Investments at FVTPL
(To record sale of investment.)
$9,900
13.500
Investments at FVTPL
Investment Income or Loss
(400)
(To record fair value adjustment.)
Investments purchased $
Calculate the amount of investments purchased in 2024.
Account Titles
900
Debit
Debit
900
2,700
2,300
Credit
Prepare the entry to record the purchase. (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 O for the amounts. List debit entry before credit entry.)
Credit
3,600
2,300
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