FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Consolidation
Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading struc…
Question
2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Round your answer to 2 decimal places.) S Carrying value per share 3.Calculate the change in Heritage's equity from January 2, 2023, through January 5, 2025, resulting from its investment in Port. Equity 8.42 decreases by S 144.800
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Transcribed Image Text:2. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Round your answer to 2 decimal places.) S Carrying value per share 3.Calculate the change in Heritage's equity from January 2, 2023, through January 5, 2025, resulting from its investment in Port. Equity 8.42 decreases by S 144.800
Heritage Ltd. was organized on January 2, 2023. The following investment transactions and events occurred during the following months: 2023 Jan. 6 Heritage paid $581,500 (including transaction fees of $50) for 50,600 shares (20%) of Port Inc. outstanding common shares. Ape. 30 Port declared and paid a cash dividend of $1.20 per share.. Dec.31 Port announced that its profit for 2023 was $540,000. Fair value of the shares was $12.40 per share. 2024 Oct.15 Port declared and paid a cash dividend of $0.80 per share. Dec. 31 Port announced that its profit for 2024 was $690,000. Fair value of the shares was $12.78 per share. 2025 Jan. 5 Heritage sold all of its investment in Port for $688,000 cash. Assume that Heritage has a significant influence over Port with its 20% share.
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Transcribed Image Text:Heritage Ltd. was organized on January 2, 2023. The following investment transactions and events occurred during the following months: 2023 Jan. 6 Heritage paid $581,500 (including transaction fees of $50) for 50,600 shares (20%) of Port Inc. outstanding common shares. Ape. 30 Port declared and paid a cash dividend of $1.20 per share.. Dec.31 Port announced that its profit for 2023 was $540,000. Fair value of the shares was $12.40 per share. 2024 Oct.15 Port declared and paid a cash dividend of $0.80 per share. Dec. 31 Port announced that its profit for 2024 was $690,000. Fair value of the shares was $12.78 per share. 2025 Jan. 5 Heritage sold all of its investment in Port for $688,000 cash. Assume that Heritage has a significant influence over Port with its 20% share.
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Step 1: Introduction of significant influence:
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Step 2: Preparation of journal entries of all transactions:
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Step 3: Calculation of Carrying value per share:
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Step 4: Calculation of changes in equity:
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