As of December 31, the Church's investment portfolio, which does not include the donated stock, is worth $427,500. Prepare any necessary journal entries in order to record the change in the portfolio's value. DO NOT GIVE SOLUTION IN IMAGE FORMAT
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As of December 31, the Church's investment portfolio, which does not include
the donated stock, is worth $427,500. Prepare any necessary
record the change in the portfolio's value.
DO NOT GIVE SOLUTION IN IMAGE FORMAT
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Solved in 2 steps
- On December 1, 2021, the general ledger balance of Dolphin Inc.'s stock investment portfolio, which is classified as fair value through net income (FV-NI) is $284,900. On December 31, the controller determines that the fair value of this portfolio should be $312,600. The adjusting entry for the portfolio will include: Question 10 options: DR FV-NI investments $27,700 CR Cash FV-NI investments $27,700 CR FV-NI investments $27,700 DR Gain on investments $27,700On January 1, 2020, Aponte, Inc. acquired a preferred stock investment for $ 50,000. As of December 31, 2020, the investment had a market value of $ 55,000. Aponte reported the investment in the Statement of Financial Position for $ 50,000 without registering any adjustment. What effect will this error have on Aponte's 2020 Net Income? Select one: a. Will be underestimated b. It will be overestimated. c. It will be correct. d. It will not affect net income.Over a four-year period, LaKeisha Thompson purchased shares in the Oakmark Investor Class Fund. Using dollar cost averaging, calculate the number of shares before completing this problem. (Round your answers to the nearest whole number.) Year Investment Amount Price per Share Number of SharesFebruary 2017 $1,400 $53.00 February 2018 $1,400 $ 34.00 February 2019 $1,400 $47.40 February 2020 $1,400 $55.00 a. At the end of four years, what is the total amount invested? b. At the end of four years, what is the total number of shares purchased? (Round your intermediate calculations and final answer to the nearest whole number.) c. At the end of four years, what is the average cost for each share? (Round
- Please answer with reason for all why the option is correct and why the other options are incorrect 12. During the year, a not-for-profit entity received $30,000 in dividends and $24,000 in interest on its investment portfolio. The entity also accrued $6,000 in interest on the portfolio. The increase in fair value of the portfolio during the year was $8,000. How much should the entity report for investment earnings during the year? A. $62,000. B. $0. C. $60,000. D. $54,000.The following selected account balances were taken from the balance sheet of Quitting Corp. as of December 31, 2020, immediately before the take over of the trustee: Marketable securities P300,000 Inventories 110,000 Land 150,000 Building 400,000 Additional information: • Marketable securities have present market value of P320,000. These securities have been pledged to secure notes payable of P280,000. • The estimated worth of inventories is P70,000. However, inventories with book value of P50,000 have been pledged to secure notes payable of P60,000. The realizable value of the inventories pledged is estimated to be P40,000. • Land and building are estimated to have a total realizable value of P450,000. This property is pledged to secure the mortgage payable of P250,000. What is the estimated amount available for preferred claims and unsecured creditors out of the assets pledged with fully secured creditors?a. P240,000b. P840,000c. P770,000On January 1, 2021, X Inc. purchased 25% of the voting shares of Y Inc. However, due to a system crash, the initial amount of consideration paid for this 25% has been lost. X uses the equity method. X has significant influence over Y. Calculate the Value of the initial purchase X Inc. paid for its 25% ownership (i.e. January 1, 2021), given the following information that you were able to find: Value of the Investment account in Y Inc. at the end of 2023 was $97,000 Y's net income and declared dividends for the following three years are as follows: Net Income (loss) Dividends 2021 $50,000 $20,000 2022 $70,000 $80,000 2023 $30,000 $60,000
- During your examination of the financial statements of Venus Corporation for the year ended December 31, 2020, you found a new account called "Investments." Your examination revealed that during 2020, Venus began a program of investments, and all investment-related transactions were entered in this account. Your analysis of this account for 2020 follows: VENUS CORPORATION Analysis of Investments Year Ended December 31, 2020 Date—2020 (i) Jupiter Ltd. Common Shares Feb. 14 Purchased 3,000 shares @ $ 55 per share $ 165,000 DR Jul. 26 Received 300 Jupiter common shares as a stock dividend. (Memorandum entry) Sep. 28 Sold the 300 Jupiter common shares received July 26 @ $ 70 per share $ 21,000 Credit (ii) Mars Ltd. Common Shares Apr. 30 Purchased 5,000 shares @ $ 40 per…SOFIA had investments in equity securities costing P1,000,000 that were classifies as investment in fair value thru other comprehensive income. On june 30, 2021, SOFIA decided to reclassify the investment as investment in fair value thru profit and loss. the investments' fair value was P985,000 at december 31, 2020 and P950,000 at june 30, 2021, and P1,500,000 at december 31, 2021 What amount of loss/gain from investments should Sofia report in 2021 income statement? Using the information above, what is the audited net unrealized loss/gain on marketable equity securities in its 2021 statement of shareholders’ equity?On December 21, 2020, Bucky Katt Company provided you with the following information regarding its equity investments. December 31, 2020 Investments Cost Fair Value Unrealized Gain (Loss) Clemson Corp. stock $20,000 $19,000 $(1,000) Colorado Co. stock 10,000 9,000 (1,000) Buffaloes Co. stock 20,000 20,600 600 Total of portfolio $50,000 $48,600 (1,400) Previous fair value adjustment balance –0– Fair value adjustment—Cr. $(1,400) During 2021, Colorado Co. stock was sold for $9,400. The fair value of the stock on December 31, 2021, was Clemson Corp. stock—$19,100; Buffaloes Co. stock—$20,500. None of the equity investments result in significant influence. Instructions a. Prepare the adjusting journal entry needed on December 31, 2020. b. Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. c. Prepare the adjusting journal entry needed on December 31, 2021.
- Please answer it in a good accounting form. Thank you! The following selected account balances were taken from the balance sheet of Quitting Corp. as of December 31, 2020, immediately before the take over of the trustee:Marketable securities P300,000Inventories 110,000Land 150,000Building 400,000Additional information:• Marketable securities have present market value of P320,000. These securities have been pledged to secure notes payable of P280,000.• The estimated worth of inventories is P70,000. However, inventories with book value of P50,000 have been pledged to secure notes payable of P60,000. The realizable value of the inventories pledged is estimated to be P40,000.• Land and building are estimated to have a total realizable value of P450,000. This property is pledged to secure the mortgage payable of P250,000.What is the estimated amount available for preferred claims and unsecured creditors out of the EXCESS assets pledged with fully…On March 31, 2024, Chow Brothers, Incorporated, bought 7% of KT Manufacturing’s capital stock for $51.2 million. KT’s net income for the year ended December 31, 2024, was $80.4 million. The fair value of the shares held by Chow was $35.8 million at December 31, 2024. KT did not declare or pay a dividend during 2024. Required: Prepare all appropriate journal entries related to the investment during 2024. Assume that Chow sold the stock on January 20, 2025, for $30.4 million. Prepare the journal entries to record the sale.On December 12, 2021, an investment in equity securities costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment in equity securities account.Required:1. Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in 2021. (Ignore income taxes.)2. Prepare the journal entry to correct the error assuming it is not discovered until early 2022. (Ignore income taxes.)
