Available-for-sale investments: Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments. They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income. Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement Requirement 1 To determine: What amount of $ 18 million net realised losses will be reported on the income statement and

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Answer 1

Question

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

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100%, equity, ending inventory. On January 1, 2015, 100% of the outstanding stock of Solo Company was purchased by Plato Corporation for $3,300,000. At that time, the book value of Solo’s net assets equaled $3,000,000. The excess was attributable to equipment with a 10-year life. The following trial balances of Plato Corporation and Solo Company were prepared on December 31, 2015: Plato Corporation Solo Company Cash 735000 37000 Accounts Receivable 400000 365000 Inventory 600000 275000 Property,Plato and Equipment 4000000 2300000 Investment in Solo company 3510000 Accounts Payable (35000) (100000) Common stock ($10 par) (1000000) (400000) Paid-in capital in excess of par (1500000) (200000) Retained earnings, Jan 1, 2015 (5,500,000) (2,400,000) Sales (12,000,000) (1,000,000) Cost of goods sold 7,000,000 750,000 Other expenses 4,000,000 40,000 Subsidiary income…

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I need help with this financial accounting question using the proper financial approach.

Answer 2

Question

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

Answer 6

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

Answer 7

Chapter 15, Problem 15E

To determine

Concept Introduction:

Available-for-sale investments:

Available-for-sale investments are the investments which neither fall in the category of trading investments nor fall in the category of held-to-maturity investments.

They are recorded at fair market value. The effects of fluctuations in the prices i.e. increase or decrease in prices at the year-end are adjusted and unrealized gain or loss due to these fluctuations are transferred to other comprehensive income.

Other comprehensive income is not included in net income. Other comprehensive income are shown after net income in the income statement

Requirement 1

To determine:

What amount of $ 18 million net realised losses will be reported on the income statement and

Answer 8

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

Answer 9

To determine

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 15 - Prob. 1DQ Ch. 15 - Prob. 2DQ Ch. 15 - Prob. 3DQ Ch. 15 - Prob. 4DQ Ch. 15 - Prob. 5DQ Ch. 15 - Prob. 6DQ Ch. 15 - Prob. 7DQ Ch. 15 - Prob. 8DQ Ch. 15 - Prob. 9DQ Ch. 15 - Prob. 10DQ

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Requirement 2

To determine:

The statement in which the net unrealized losses will be reported

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Chapter 15 Solutions

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Requirement 2 To determine: The statement in which the net unrealized losses will be reported

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Chapter 15 Solutions

Requirement 2

To determine:

The statement in which the net unrealized losses will be reported