Wilson corporation buys the following investments on January 10, 2019: 1,000 shares in Foxcom, total cost $10,000 500 shares in Lamb computer, total cost $6,000 On April 10 2019 Wilson corporation sold 200 Foxcom shares for $2,600 total and 100 Lamb Computer shares for $950 total. Indicate the amount that the remaining shares should be recorded in the balance sheet at December 31, 2019, assuming the following: There were no further transactions during the months of May to December 2019. The year-end (December 31, 2019) market value of Foxcom shares and Lamb Computer shares had remained the same since January 10, 2019.
Wilson corporation buys the following investments on January 10, 2019: 1,000 shares in Foxcom, total cost $10,000 500 shares in Lamb computer, total cost $6,000 On April 10 2019 Wilson corporation sold 200 Foxcom shares for $2,600 total and 100 Lamb Computer shares for $950 total. Indicate the amount that the remaining shares should be recorded in the balance sheet at December 31, 2019, assuming the following: There were no further transactions during the months of May to December 2019. The year-end (December 31, 2019) market value of Foxcom shares and Lamb Computer shares had remained the same since January 10, 2019.
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
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Question
Wilson corporation buys the following investments on January 10, 2019:
- 1,000 shares in Foxcom, total cost $10,000
- 500 shares in Lamb computer, total cost $6,000
On April 10 2019 Wilson corporation sold 200 Foxcom shares for $2,600 total and 100 Lamb Computer shares for $950 total.
- Indicate the amount that the remaining shares should be recorded in the
balance sheet at December 31, 2019, assuming the following:- There were no further transactions during the months of May to December 2019.
- The year-end (December 31, 2019) market value of Foxcom shares and Lamb Computer shares had remained the same since January 10, 2019.
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