Use the following information for the next two questions.PINA CO. carries the following marketable equity securities on its books at December 31, 2012 and 2013.All securities were purchased during 2012 and there were no beginning balances in any market adjustmentaccounts.Financial Assets through Profit or Loss:Fair value12/31/12 12/31/13CostC Company P 500,000 P 260,000P400,000E Company260,000400,000400,000R Company700,000600,000500,000TotalP1,460,000 P1,260,000 P1.300,00Financial Assets through OCI:CostFair value12/31/12 12/31/13T Company P4,200,000 P3,600,000 P3,600,00S Company 1.000,000 1,200,000 1,400,000TotalP5,200,000 P4,800,000 P5.000,.0012. The net amount to be recognized in the 2013 profit or loss is13. The net amount to be recognized in 2013 as other comprehensive income is

All financial instruments held for sale are recognized at FVOCI and the instruments held for trading…

Use the following information for the next two questions. PINA CO. carries the following marketable equity securities on its books at December 31, 2012 and 20 All securities were purchased during 2012 and there were no beginning balances in any market adjustm accounts. Financial Assets through Profit or Loss: Cost Fair value 12/31/12 12/31/13 P 400,000 C Company P 500,000 P 260,000 E Company 260,000 400,000 400,000 R Company 700,000 600,000 500,000 Total P1,460,000 P1,260,000 P1.300.00 Financial Assets through OCI: Cost Fair value 12/31/12 12/31/13 T Company P4,200,000 P3,600,000 P3,600,00 S Company Total 1.000,000 1.200,000 1.400,000 P5,200,000 P4.800,000 P5.000,00 2. The net amount to be recognized in the 2013 profit or loss is 3. The net amount to be recognized in 2013 as other comprehensive income is

Use the following information for the next two questions. PINA CO. carries the following marketable equity securities on its books at December 31, 2012 and 20 All securities were purchased during 2012 and there were no beginning balances in any market adjustm accounts. Financial Assets through Profit or Loss: Cost Fair value 12/31/12 12/31/13 P 400,000 C Company P 500,000 P 260,000 E Company 260,000 400,000 400,000 R Company 700,000 600,000 500,000 Total P1,460,000 P1,260,000 P1.300.00 Financial Assets through OCI: Cost Fair value 12/31/12 12/31/13 T Company P4,200,000 P3,600,000 P3,600,00 S Company Total 1.000,000 1.200,000 1.400,000 P5,200,000 P4.800,000 P5.000,00 2. The net amount to be recognized in the 2013 profit or loss is 3. The net amount to be recognized in 2013 as other comprehensive income is

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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At December 31, 2020, the cost and fair value trading securities for Crane, Inc. are as follows. Security Cost Fair Value A $18,800 $17,800 B 13,100 14,800 C 22,400 19,700 $54,300 $52,300 (a) Prepare the adjusting entry at December 31, 2020, to report the securities at fair value. (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.)
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Rantzow-Lear Company buys and sells debt securities expecting to earn profits on short-term differences in price, and holds these investments in its trading portfolio. The company's fiscal year ends on December 31. The following selected transactions relating to Rantzow-Lear's trading account occurred during December 2024 and the first week of 2025. December 17, 2024 Purchased 100 Grocers' Supply Corporation bonds at par for $350,000. December 28, 2024 Received interest of $2,000 from the Grocers' Supply Corporation bonds. December 31, 2024 Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation bonds. The market price of the bond was $4,000 per bond. January 5, 2025 Sold the Grocers' Supply Corporation bonds for $395,000. Required: 1. Prepare the appropriate journal entry or entries for each transaction. 2. Indicate any amounts that Rantzow-Lear Company would report in its 2024 balance sheet and income statement as a result of this investment. Ignore income…
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