FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
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Transcribed Image Text:Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
expand button
Transcribed Image Text:Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 20Y4, are as follows: Issuing Company Cost Bernard Co. $38,250 65,520 $103,770 Chadwick Co. June 30. The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co The following selected transactions occurred during 20Y5: Jan. 2. Oct. 1. 9. Dec. 31. 31. Fair Value $37,500 63,770 $101,270 Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Q Search Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $40,000 of Nightline Co. 6%, 10-year bonds at 100. The bonds are 1 and April 1. classified as an available-for-sale investment. The bonds pay interest on October Dividends of $12,500 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $112,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. L L
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