I need help with this Equity and Available-for-Sale InvestmentsO'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 CostBernard Co.$38,25065,520$103,770Chadwick Co.June 30.The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger CoThe following selected transactions occurred during 20Y5:Jan. 2.Oct. 1.9.Dec. 31.31.Fair Value$37,50063,770$101,270Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds areclassified as an available-for-sale investment. The bonds pay interest on June 30and December 31.Q SearchReceived 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 are1 and April 1.classified as an available-for-sale investment. The bonds pay interest on OctoberDividends 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'BrienIndustries Inc. recorded using the equity method.Received interest for 6 months on the Gozar Inc. bonds purchased on January 2.LL Equity and Available-for-Sale InvestmentsO'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 CostBernard Co.$38,25065,520$103,770Chadwick Co.June 30.The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger CoThe following selected transactions occurred during 20Y5:Jan. 2.Oct. 1.9.Dec. 31.31.Fair Value$37,50063,770$101,270Purchased $94,400 of Gozar Inc. 5%, 10-year bonds at 100. The bonds areclassified as an available-for-sale investment. The bonds pay interest on June 30and December 31.Q SearchReceived 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 are1 and April 1.classified as an available-for-sale investment. The bonds pay interest on OctoberDividends 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'BrienIndustries Inc. recorded using the equity method.Received interest for 6 months on the Gozar Inc. bonds purchased on January 2.LL

Concept: Comparative Balance SheetComparative Balance Sheet is a financial statement that represents…

Fair Value $34,650 57,960 98,560 Jightline Co. 39,200 or the year ending December 31, 20Y5, O'Brien Industries Inc. reported net income of $148,230 and paid no dividends. Required: suing Company ernard Co. hadwick Co. Hozar Inc. The comparative unclassified balance sheets for December 31, 20Y4 and 20Y5 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 Available-for-Sale Investments (at Cost) Valuation Allowance for Available-for-Sale Investments Available-for-Sale Investments (Fair Value) Interest Receivable Investment in Jolly Roger Co. stock Office Equipment (Net) Total Assets Search 20Y5 115,000 20Y4 $103,770 (2,500) $101,270 $77,000 130,000 $666,270 <

Fair Value $34,650 57,960 98,560 Jightline Co. 39,200 or the year ending December 31, 20Y5, O'Brien Industries Inc. reported net income of $148,230 and paid no dividends. Required: suing Company ernard Co. hadwick Co. Hozar Inc. The comparative unclassified balance sheets for December 31, 20Y4 and 20Y5 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 Available-for-Sale Investments (at Cost) Valuation Allowance for Available-for-Sale Investments Available-for-Sale Investments (Fair Value) Interest Receivable Investment in Jolly Roger Co. stock Office Equipment (Net) Total Assets Search 20Y5 115,000 20Y4 $103,770 (2,500) $101,270 $77,000 130,000 $666,270 <

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: in, assuming it uses the cost method. 10 15.8 Account Title Additional Paid-in Capital on Preferred Stock Amount Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed Retained Earnings Additional Paid-in Capital on Common Stock $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital…
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