answer in text form please (without image), Note: .Every entry should have narration please P16-3B On December 31, 2016, Bly Associates owned the following securities, held aslong-term investments.Common StockWoolridge Co.Coria Co.Sterling Motors Co.Nov. 1Dec. 1531Shares4,0005,0003,000Cost$100,00030,00060,000On this date, the total fair value of the securities was equal to its cost. The securities are notheld for influence or control over the investees. In 2017, the following transactions occurred.July 1 Received $1 per share semiannual cash dividend on Coria Co. common stock.Aug. 1 Received $0.50 per share cash dividend on Woolridge Co. common stock.Sept. 1 Sold 1,500 shares of Coria Co. common stock for cash at $7 per share.Oct. 1 Sold 600 shares of Woolridge Co. common stock for cash at $30 per share.Received $1 per share cash dividend on Sterling Motor Co. common stock.Received $0.50 per share cash dividend on Woolridge Co. common stock.Received $1 per share semiannual cash dividend on Coria Co. common stock.At December 31, the fair values per share of the common stocks were Woolridge Co. $23,Coria Co. $7, and Sterling Motors Co. $19.Instructions(a) Journalize the 2017 transactions and post to the account Stock Investments. (Use theT-account form.)(b) Prepare the adjusting entry at December 31, 2017, to show the securities at fair value.The stock should be classified as available-for-sale securities.(c) Show the balance sheet presentation of the investment-related accounts at December 31,2017. At this date, Bly Associates has common stock $2,000,000 and retained earnings$1,200,000.

Journal entry records the accounting transactions of a business in a journal book. All the business…

P16-3B On December 31, 2016, Bly Associates owned the following securities, held as long-term investments. Common Stock Woolridge Co. Coria Co. Sterling Motors Co. Shares 4,000 5,000 3,000 Cost $100,000 30,000 60,000

P16-3B On December 31, 2016, Bly Associates owned the following securities, held as long-term investments. Common Stock Woolridge Co. Coria Co. Sterling Motors Co. Shares 4,000 5,000 3,000 Cost $100,000 30,000 60,000

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

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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Some of Crane Corporation's investments in debt securities are classified as trading securities and some are classified as available-for- sale. The cost and fair value of each category at December 31, 2022, were as follows. Cost Fair Value Unrealized Gain (Loss) Trading securities $96,500 $85,000 $(11,500) Available-for-sale securities $60,000 $63,000 $3,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,100, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $7,200. Prepare the required journal entries for each group of securities for December 31, 2022. (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.)
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Beresford Incorporated purchased several investments in debt securities during 2023, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: Fair Value 12/31/2023 Fair Value 12/31/2024 Amortized Cost 12/31/2023 Amortized Cost 12/31/2024 ABC Company Bonds $ 375,000 $ 400,000 $ 367,500 $ 360,000 Trading Securities: Fair Value 12/31/2023 Fair Value 12/31/2024 Cost DEF Company Bonds $ 48,000 $ 59,500 $ 66,000 GEH Incorporated Bonds $ 47,000 $ 77,000 $ 39,000 IJK Incorporated Bonds $ 44,000 $ 38,500 $ 32,900 Available-for-Sale Securities: Fair Value 12/31/2023 Fair Value 12/31/2024 Cost LMN Company Bonds $ 130,500 $ 150,400 $ 140,000 What total unrealized holding gain would Beresford report in its 2024 income statement relative to its investments in bonds?
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Some of Ivanhoe Corporation's investments in debt securities are classified as trading securities and some are classified as available for-sale. The cost and fair value of each category at December 31, 2022, were as follows. Trading securities Available-for-sale securities Cost Fair Value $95,000 $83,500 $59,000 $63,000 Unrealized Gain (Loss) $(11,500) $4,000 At December 31, 2021, the Fair Value Adjustment-Trading account had a debit balance of $2,200, and the Fair Value Adjustment- Available-for-Sale account had a credit balance of $6,000. Prepare the required journal entries for each group of securities for December 31, 2022. (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)
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Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Amortized Cost 12/31/2020 Amortized Cost 12/31/2021 ABC Co. Bonds $ 375,000 $ 400,000 $ 367,500 $ 360,000 Trading Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost DEF Co. Bonds $ 48,000 $ 59,500 $ 66,000 GEH Inc. Bonds $ 47,000 $ 77,000 $ 39,000 IJK Inc. Bonds $ 44,000 $ 38,500 $ 32,900 Available-for-Sale Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost LMN Co. Bonds $ 130,500 $ 150,400 $ 140,000 What would be the balance in Beresford's accumulated other comprehensive income with respect to these investments in its 12/31/2021 balance sheet (ignore taxes)?
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Rolling Hills Productions held investments in equity securities (in Elban Company)with a fair value of $75,000 at December 31, 2018. These investments cost Rolling HillsProductions $68,000 on January 1, 2018. What is the appropriate amount for Rolling HillsProductions to report for these investments on its December 31, 2018, balance sheet?(Assume that Rolling Hills has insignificant influence over Elban Company.)a. $68,000b. A $7,000 gainc. $75,000d. Cannot be determined from the data given
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Fair Value Fair Value Amortized Cost Amortized Cost Securities: 12/31/2020 12/31/2021 12/31/2020 12/31/2021 АВС Со. Вonds $385,000 $410,000 $377, 500 $370, 000 Fair Value Fair Value Trading Securities: 12/31/2021 $ 66,000 $ 87,000 $ 48,500 12/31/2020 Cost DEF Co. Bonds $ 55,000 $ 57,000 $ 54,000 $ 69,100 $ 49,000 $ 42,900 GEH Inc. Bonds IJK Inc. Bonds Available-for-Sale Fair Value Fair Value Cost 12/31/2020 $147,400 Securities: 12/31/2021 LMN Co. Bonds $161,900 $150, 000 What balance sheet amount would Beresford report for the total of its investments in bonds at 12/31/2020?
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