Financial Accounting Standards Board (FASB) : FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP. To attain : The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

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Answer 1

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Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

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On January 1, Flint Corporation had 62,900 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 18,000 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.95 per share to stockholders of record on June 30. July 10 Paid the $1.95 cash dividend. Dec. 1 Issued 8,000 additional shares of common stock for $13 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. (a) Prepare the entries on each of the three dates that involved dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the…

Financial accounting Problem

Blossom Corporation issues 72000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $4320000 and a credit or credits to ○ Preferred Stock for $4320000 ○ Preferred Stock for $3600000 and Paid-in Capital in Excess of Par-Preferred Stock for $720000 ○ Preferred Stock for $3600000 and Retained Earnings for $720000 ○ Paid-in Capital from Preferred Stock for $4320000

Answer 2

Question

Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

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Answer 3

Question

Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

Expert Solution & Answer

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Answer 4

Question

Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

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Answer 5

Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

Answer 6

Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

Answer 7

Chapter 12, Problem 12.4E

(1)

To determine

Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

To attain: The literature related to accounting of investments in held-to-maturity securities from the FASB Codification Research System available at the FASB website

Answer 8

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

Answer 9

(2)

To determine

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

Answer 10

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

Answer 11

(3)

To determine

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 12 - All investments in debt securities are classified...Ch. 12 - When market rates of interest rise after a...Ch. 12 - Does GAAP distinguish between fair values that are...Ch. 12 - When a debt investment is acquired to be held for...Ch. 12 - Prob. 12.5Q Ch. 12 - What is comprehensive income? Its composition...Ch. 12 - Why are holding gains and losses treated...Ch. 12 - Prob. 12.8Q Ch. 12 - Prob. 12.9Q Ch. 12 - Prob. 12.10Q

Solution Summary: The author explains that the debt investment should not be classified and accounted for as held-to-maturity securities if it is intended to be sold under any of the following conditions.

To mention: The specific citation in which the debt investment which is available to be sold, should not be classified and accounted for as held-to-maturity securities, are described

To mention: The circumstances and conditions in which the debt investment should not be classified and accounted for as held-to-maturity securities

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Chapter 12 Solutions