Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following: Debt and Equity Investments* 10,500 Xavier Corp. common shares 1,500 Young Inc. common shares 125,000 Zed Corp. common shares Cost $171,675 78,000 41,500 Fair Value $152,250 74,400 37,100 "The fair value adjustments were recorded on December 31, 2022. Johnson had no other debt and equity investments at December 31, 2022, other than those shown above. During 2023, Johnson engaged in the following transactions: 2023 Jan.17 Sold 1,000 common shares of Young Inc. for $48,000. Johnson Inc. planned to hold these shares for less than one year Mar. 3 Purchased 5,500 common shares of Allen Corp. for $330,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $3.00 per share. Aug.14 Sold the remaining Young Inc. shares at $32.00. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 10,500 common shares at a total of $93,450. Johnson Inc. will these shares in six to nine months. Dec. 30 Sold 10,500 shares of Xavier Corporation for $168,000. Dec. 31 Allen Corp. announced a net profit of $282,500 for the year. Required: Journalize the above transactions.

Johnson Inc.'s non-strategic investment portfolio at December 31, 2022, consisted of the following: Debt and Equity Investments* 10,500 Xavier Corp. common shares 1,500 Young Inc. common shares 125,000 Zed Corp. common shares Cost $171,675 78,000 41,500 Fair Value $152,250 74,400 37,100 "The fair value adjustments were recorded on December 31, 2022. Johnson had no other debt and equity investments at December 31, 2022, other than those shown above. During 2023, Johnson engaged in the following transactions: 2023 Jan.17 Sold 1,000 common shares of Young Inc. for $48,000. Johnson Inc. planned to hold these shares for less than one year Mar. 3 Purchased 5,500 common shares of Allen Corp. for $330,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $3.00 per share. Aug.14 Sold the remaining Young Inc. shares at $32.00. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 10,500 common shares at a total of $93,450. Johnson Inc. will these shares in six to nine months. Dec. 30 Sold 10,500 shares of Xavier Corporation for $168,000. Dec. 31 Allen Corp. announced a net profit of $282,500 for the year. Required: Journalize the above transactions.

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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