(a) The 2025 adjusting entry. (b) The sale of the Gordon stock. (c) The purchase of the Earnhart stock. (d) The 2026 adjusting entry for the portfolio.
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- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossthout making journal entries. this 4. Vaughn Company began operations in 2024. Since then, it has reported the following gains and losses for its equity investments on the income statement: 2024 2025 2026 Gains (losses) from sale of securities $14,100 $(20,900) $13,800 Unrealized holding losses on valuation of securities (25,100) Unrealized holding gain on valuation of securities At January 1, 2027, Vaughn owned the following securities: Cost BKD Common (16,000 shares @ $32) $512,000 LRF Preferred (2,400 shares @ $106) 254,400 10,400 (14,700)The following information is available for Sheridan Company at December 31, 2025, regarding its investments. Securities Cost Fair Value 2,400 shares of Myers Corporation common stock $40,200 $48,200 900 shares of Cole Incorporated preferred stock 24,500 21,600 $64,700 $69,800 Prepare the adjusting entry (if any) for 2025, assuming no balance in the Fair Value Adjustment account at January 1, 2025. Neither of Sheridan's investments result in significant influence. Assume the securities as trading securities. (List debit entry before credit entry. 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 amounts.)
- Kenseth Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., common $ 73,500 $ 69,000 5,000 shares of Wallace Corp., common 180,000 175,000 400 shares of Martin, Inc., preferred 60,000 61,600 $313,500 $305,600 All of the securities were purchased in 2020. In 2021, Kenseth completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc., common, @ $45 less fees of $1,200. April 1 Bought 700 shares of Earnhart Corp., common, @ $75 plus fees of $1,300. Kenseth's portfolio of equity securities appeared as follows on December 31, 2021. Investments Cost Fair Value 5,000 shares of Wallace Corp., common $180,000 $175,000 700 shares of Earnhart Corp., common 53,800 50,400 400 shares of Martin, Inc., preferred 60,000 58,000…Culver Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $ 67,700 $ 63,000 5,000 shares of Wallace Corp., Common 164,700 159,600 400 shares of Martin, Inc., Preferred 59,300 61,100 $ 291,700 $ 283,700 All of the securities were purchased in 2020.In 2021, Culver completed the following securities transactions. March 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $ 45 less fees of $ 1,200. April 1 Bought 700 shares of Earnhart Corp., Common, @ $ 75 plus fees of $ 1,300. Culver’s portfolio of equity securities appeared as follows on December 31, 2021. Investments Cost Fair Value 5,000 shares of Wallace Corp., Common $ 164,700 $ 159,600 700 shares of Earnhart Corp., Common 53,800 50,100 400 shares of Martin, Inc., Preferred 59,300 57,500…Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?
- Manson Incorporated reported investments in equity securities of $60,495 as a current asset on its December 31, 2018, balance sheet. An analysis of Manson’s investments on December 31, 2018, reveals the following: Equity Security Cost Fair Value 400 shares of Turben Company, common $14,275 $13,590 500 shares of Cook Corp. common stock 12,650 13,175 700 shares of Hill Corp. common stock 17,450 18,180 200 shares of Web Engines, preferred stock 19,100 15,550 Totals $63,475 $60,495 During 2019, the following transactions related to Manson’s investments occurred: Transactions: Jan. 6 Received a $265 dividend on the Turben Company common stock. Mar. 31 Received the semiannual dividend of $500 on the Web Engines preferred stock. The following information is available concerning Manson’s investments: Equity Security Fair Value Turben Company $13,470 Cook Corp. 13,765 Hill Corp. 18,940 Web Engines 15,500 June 30 Received a…The following data pertains to Kyne Co.’s investments in marketable equity securities: Market value Cost 12/31/22 12/31/23XYZ Stock 150,000 $155,000 $100,000ABC Stock $150,000 130,000 120,000 What amount should Kyne include as unrealized holding loss in its 2023 Net Income?a) $50,000b) $55,000c) $60,000d) $65,000e) $5,000Wildhorse Company's December 31, 2024 stockholders' equity section reported Accumulated Other Comprehensive Income of $61000 which reflected cumulative gains. The following information is available for Wildhorse for 2025: Net income Realized gain on sale of available-for-sale debt securities Unrealized holding gain on available-for-sale debt securities Unrealized holding loss on available-for-sale equity securities What is Wildhorse's comprehensive income for 2025? O $266500 O $322500 O $307500 O $225500 $266500 36000 41000 21000
- On December 21, 2020, Vaughn Company provided you with the following information regarding its equity investments. Securities Cost Fair Value Unrealized Gain(Loss) SC Corp. stock $43,300 39,520 $(3,780 ) True Co. stock 48,800 55,390 6,590 Plus, Inc. stock 30,200 29,882 (318 ) Total of portfolio $122,300 $124,792 2,492 Previous fair value adjustment balance -0- Fair value adjustment – Dr. $2,492 During 2021, the Plus, Inc. stock was sold for $30,750. The fair value of the stock on December 31, 2021, was: SC Corp. stock—$40,070; True Co. stock—$51,080. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2020. (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 0 for the amounts.) Date Account Titles…Flounder Corp. has the following portfolio of securities acquired for trading purposes and accounted for using the FV-NI model at September 30, 2023, the end of the company's third quarter: Investment Cost Fair Value 47,500 common shares of Yuen Inc. $266,000 $190,000 3,200 preferred shares of Monty Ltd. 121,600 128,000 1,350 common shares of Oakwood Inc. 121,500 120,825 On October 8, 2023, the Yuen shares were sold for $5.60 per share. On November 16, 2023, 3,000 common shares of Patriot Corp. were purchased at $43.80 per share. Flounder pays a 1% commission on purchases and sales of all securities. At the end of the fourth quarter, on December 31, 2023, the fair values of the shares held were as follows: Monty $102,050; Patriot $116,750; and Oakwood $137,025. Flounder prepares financial statements every quarter. (a) Your answer is partially correct. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the portfolio for the fourth quarter of 2023.…In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVPL, how much is the unrealized gain in 2021?