ast quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October 1, 2021 were $38 million of 10% onds of Kansas Abstractors, Inc., purchased on May 1, 2021 at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December 31. 821 ct. 18 Purchased 2 million shares of Millwork Ventures Company common stock for $60 million. Millwork has a total of 38 million shares issued. 31 Received semiannual interest of $1.9 million from the Kansas Abstractors bonds. ov. 1 Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature in 2031. Semiannual interest is payable April 30 and October 31. 1 Sold the Kansas Abstractors bonds for $36 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. ec. 1 Purchased 12% bonds of Household Plastics Corporation at their $60 million face value, to be held until they mature in 2031. Semiannual interest is payable May 31 and November 30. 20 Purchased U. S. Treasury bonds for $6.0 million as trading securities, hoping to earn profits on short-term differences in prices. 21 Purchased 4 million shares of NXS Corporation's 52 million shares of common stock for $52 million, planning to hold these shares until market conditions encourage their sale. 23 Sold the Treasury bonds for $6.4 million. 29 Received cash dividends of $3 million from the Millwork Ventures Company shares of common stock. 31 Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company common stock was $27.50 per share and $14.00 per share for the NXS Corporation common stock. The fair values of the bond investments were $59.1 million for Household Plastics Corporation and $16.6 million for Holistic Entertainment Enterprises. 822 an. 7 Sold the NXS Corporation common stock shares for $48 million. "equired: repare the appropriate journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfolio of quity investments to fair value. (If no entry is required for a transaction/event, select "No Journal entry required" In the first ccount fleld. Do not round Intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (l.e., 5,500,000 hould be entered as 5.5).) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the purchase of 2 million shares of Millwork Ventures Company common stock for $60 million. Note: Enter debits before credits. Date Oct 18, 2021 General Journal Debit 16 Credit

ast quarter of 2021 and the first month of 2022. The only securities held by Amalgamated at October 1, 2021 were $38 million of 10% onds of Kansas Abstractors, Inc., purchased on May 1, 2021 at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December 31. 821 ct. 18 Purchased 2 million shares of Millwork Ventures Company common stock for $60 million. Millwork has a total of 38 million shares issued. 31 Received semiannual interest of $1.9 million from the Kansas Abstractors bonds. ov. 1 Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature in 2031. Semiannual interest is payable April 30 and October 31. 1 Sold the Kansas Abstractors bonds for $36 million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. ec. 1 Purchased 12% bonds of Household Plastics Corporation at their $60 million face value, to be held until they mature in 2031. Semiannual interest is payable May 31 and November 30. 20 Purchased U. S. Treasury bonds for $6.0 million as trading securities, hoping to earn profits on short-term differences in prices. 21 Purchased 4 million shares of NXS Corporation's 52 million shares of common stock for $52 million, planning to hold these shares until market conditions encourage their sale. 23 Sold the Treasury bonds for $6.4 million. 29 Received cash dividends of $3 million from the Millwork Ventures Company shares of common stock. 31 Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company common stock was $27.50 per share and $14.00 per share for the NXS Corporation common stock. The fair values of the bond investments were $59.1 million for Household Plastics Corporation and $16.6 million for Holistic Entertainment Enterprises. 822 an. 7 Sold the NXS Corporation common stock shares for $48 million. "equired: repare the appropriate journal entry for each transaction or event. Use one summary entry on December 31 to adjust the portfolio of quity investments to fair value. (If no entry is required for a transaction/event, select "No Journal entry required" In the first ccount fleld. Do not round Intermediate calculations. Enter your answers in millions rounded to 1 decimal place, (l.e., 5,500,000 hould be entered as 5.5).) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the purchase of 2 million shares of Millwork Ventures Company common stock for $60 million. Note: Enter debits before credits. Date Oct 18, 2021 General Journal Debit 16 Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 23P

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