Splish Company purchased 12,000 ordinary shares of Kenyon Co., paying $20 per share plus $1,900 in broker fees. Splish plans to actively trade this investment. Prepare the entry to record this investment. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Cash eTextbook and Media Debit Credit
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- Indicate the best answer(s) for each question: Pudget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In the company’s journal entry, the entry will include (Identify the two correct answers): a A credit to marketable securities of $92,000 b A credit to marketable securities of $80,000 c A debit to cash of $92,000 d A credit to unrealized gain of $12,000Cheyenne Corporation purchases equity securities costing $150,900 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $154,700.Prepare the adjusting entry to report the securities properly. (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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amounti More Info Purchased 1,000 shares of Microscape stock, paying $52 per share. The investment represents 45% ownership in Microscape's voting stock and Raider has significant influence over Microscape. Raider intends to hold Jan. 14 the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.28 per share on the Microscape stock. Dec. 31 Microscape's current market value of $50 per share. Dec. 31 Microscape reported net income of $120,000 for the year ended 2018. Print Done
- In its first year of operations, Carla Vista Corporation purchased available-for-sale debt securities costing $64,000 as a long-term investment. At December 31, 2022, the fair value of the securities is $59,600. Prepare the adjusting entry to record the securities at fair value. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Dec. 31 e Textbook and Media Debit Credit SUPPORTBramble Corporation purchases equity securities costing $ 66,200. At December 31, the fair value of the portfolio is $ 58,100.Prepare the adjusting entry to report the securities properly, assuming that the investments purchased represent less than a 5% interest in the other companies. (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.) Account Titles and Explanation Debit CreditCastle Investments completed the following investment transactions during 2024: (Click the icon to view the investment transactions.) Read the requirements. Requirement 1. Journalize Castle's investment transactions. Explanations are not required. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Begin by journalizing Castle's investment on January 5, 2024. Date Accounts and Explanation 2024 Jan. 5 Requirements 1. Journalize Castle's investment transactions. Explanations are not required. 2. Prepare a partial balance sheet for Castle's Visser investment as of December 31, 2024. Debit 3. Prepare a comprehensive income statement for Castle Investments for year ended December 31, 2024. Assume net income was $220,000. Print Done - X C Credit More info 2024 Jan. 5 Jun. 30 Dec. 31 Dec. 31…
- 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.)Prepare the journal entries related for the below transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Part 1 Greener Pastures Corporation borrowed $1,600,000 on November 1, 2018. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2019. Record the borrowing of $1,600,000. Is for November 1,2018 Part 2 Greener Pastures Corporation borrowed $1,600,000 on November 1, 2018. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2019. Record the interest accrued on the notes payable. December 31,2018Prepare Hertog Company’s journal entries to record the following transactions for the current year. May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,270. June 6 Sells its entire investment in Kraft bonds for $10,700 cash Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,270. Note: Enter debits before credits. Date General Journal Debit Credit May 07 Sells its entire investment in Kraft bonds for $10,700 cash. Note: Enter debits before credits. Date General Journal Debit Credit June 06
- On December 31, 2021, the end of its first year of operations, Blossom Associates owned the following securities that are held as long-term investments. Common Stock Shares Cost C Co. 1,010 $43.430 D Co. 4,640 35,264 Е Со. 1.104 22,080 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. July 1 Received $2.00 per share semiannual cash dividend on D Co. common stock. Aug. Received $0.50 per share cash dividend on C Co. common stock. Sept. 1 Sold 930 shares of D Co. common stock for cash at $9 per share. Oct. 1 Sold 272 shares of C Co, common stock for cash at $48 per share. 1 Received $1 per share cash dividend on E Co. common stock. Nov. Dec. 15 Received $0.50 per share cash dividend on C Co. common stock. 31 Received $2.10 per share semiannual cash dividend on D Co. common stock. At December 31, the fair values per share of the common stocks…Prepare entries to record the following non-strategic investment transactions of Arrowhead Investment Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) 2023 Mar. 1 Paid $67,980 to purchase a $67,000, two-year, 7.0% bond payable of Action Corporation dated March 1. There was a $95 transaction fee included in the above - noted payment amount. Interest is paid quarterly beginning June 1. Management intends to actively trade bond purchases. Apr. 16 Bought 2,700 common shares of Brandon Motors at $27.00. There was a $95 transaction fee included in the above-noted payment amount. May 2 Paid $52,968 to purchase a five-year, 4.50%, $ 54,000 bond payable of Collingwood Corporation. There was a $95 transaction fee included in the above-noted payment amount. Interest is paid annually each April 30. June 1 Received a…Danali Corporation borrowed $400,000 on October 1. The note carried a 13 percent interest rate with the principal and interest payable on May 1 of next year. Prepare the following journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet