Kristopher Company began operations in 2014. At 12/31/22, Kristopher had a debit balance of $25,000 in its Allowance for Adjustment to Market.   At January 1, 2022, Kristopher owned the following securities, accounted for using the fair value method.       Cost MJO Common (25,000 shares)   $550,000 JKH Preferred (1,900 shares)   199,500 EKH Common (7,500 shares)   82,500               During 2022 the following events occurred:   4/3/22              Sold 3,000 shares of MJO for $75,000. 9/6/22              Acquired 1,500 shares of  WVO Common for $25 per share.    At 12/31/22, the fair values for Kristopher’s securities were:               MJO Common, $24 per share             JKH Preferred, $103 per share             EKH Common, $13 per share             WVO Common, $27 per share   Required:   Prepare any journal entries required in 2022 to record the securities activity, including any required adjusting entries at 12/31/22. Show any calculations. Show the financial statement presentation for all securities activity during 2022.

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Following is a list of investments owned by Ivanhoe Ltd., as of the company’s year-end, December 31, 2020: Investment   No. Shares   Cost   Fair Value HFX Corporation   1,000   $8.00   $7.10 FDY Ltd.   3,000   6.90   6.95 CTN Corporation   4,600   5.00   5.80 On January 15, 2021, Ivanhoe sold the shares in CTN Corporation for $6.25 per share. Prepare the journal entries required to record the sale, assuming the company uses the fair value through other comprehensive income without recycling method. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15, 2021                 (To adjust to current fair value)                       (To record the sale of shares)                       (Reclassification…

Pharoah Company has these data at December 31, 2022, the end of its first year of operations. Debt Securities Trading Available-for-sale (a) Cost $119,700 100,300 The available-for-sale securities are held as a long-term investment. Fair Value $125,700 98,300 Prepare the adjusting entries to report: (1) Trading securities at fair value and (2) Available-for-sale securities at fair value. (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 0 for the amounts.) No. Account Titles and Explanation (1) Debit Credit

Denver Co. owns 29,000 shares of common stock of Aspen Co. as an investment. The balance of this investment account at January 1, 2023 is $500,000 (already recorded). During 2023, Aspen Co. reported total Net Income of $3,000,000 and paid total dividends of $900,000 to all shareholders. At Dec. 31, 2023 the fair value of Aspen Co. stock was $24 per share. (memos not required) Assuming that the 29,000 shares represent a 2% interest in Aspen Co., prepare any entries that Denver Co. should make to account for its investment in Aspen Co. stock during 2023. Be sure to use proper form for journal entries by using spaces to show your debits and credits.

During the year ended December 31, 2024, Rakai Corporation, a public company, had the following transactions related to investments held for trading purposes: Feb. 1 Purchased 575 IBF common shares for $25,300. Mar. 1 Purchased 1,500 Raimundo common shares for $48,000. Apr. 1 Purchased $200,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1. July 1 Received a cash dividend of $1.50 per share on the IBF common shares. Aug. 1 Sold 250 IBF common shares at 548 per share. Oct. 1 Received the semi-annual interest on the CRT bonds. 1 Sold the CRT bonds for $205,000. Dec. 31 The fair values of the IBF and Raimundo common shares were $50 and $28 per share, respectively. Instructions Record the transactions and any required year-end adjusting entries. Show the financial statement presentation of the investments and any related accounts in the financial statements for the year ended December 31, 2024.

On March 22, 2023, Amelia, Inc., purchased 500 shares of its own common stock in the market for $21 per share. On May 19, 2023, the company sold 300 of these shares in the open market at a price of $24 per share. Required: Use the horizontal model (or write the entry) to show the effects on Amelia, Inc.'s financial statements of: a). The purchase of the treasury stock on March 22, 2023. The sale of the treasury stock on May 19, 2023. b).

At the end of 2018, Terry Company prepared the following schedule of investments in available-for-sale debt securities (all of which were acquired at par value): Company Amortized Cost 12/31/18 Fair Value Cumulative Change in Fair Value Morgan Company $35,000 $34,200 $(800) Nance Company 50,000 53,100 3,100 Totals $85,000 $87,300 $2,300 During 2019, the following transactions occurred: July 1 Purchased Oscar Company debt securities with a par value of 100,000 for $98,000. The securities carry an annual interest rate of 10%, mature on December 31, 2021, and pay interest seminannually on July 1 and December 31. Terry uses the straight-line method to amortize any discounts or premiums. Oct. 11 Sold all of the Morgan Company securities for $33,000 plus interest of $1,300. Dec. 31 Received interest of $6,000 on the Nance Company and Oscar Company debt securities, and the following yearend total market values were available: Nance Company debt securities, $55,000; Oscar…

Lexington Co. has the following securities outstanding on December 31, 2017 (its first year of operations).   Cost Fair Value Greenspan Corp. stock $20,000 $19,000 Summerset Company stock 9,500 8,800 Tinkers Company stock 20,000 20,600   $49,500 $48,400 During 2018, Summerset Company stock was sold for $9,200, the difference between the $9,200 and the “fair value” of $8,800 being recorded as a “Gain on Sale of Investments.” The market price of the stock on December 31, 2018, was Greenspan Corp. stock $19,900; Tinkers Company stock $20,500.Instructions(a) What justification is there for valuing equity securities at fair value and reporting the unrealized gain or loss as part of net income?(b) How should Lexington Co. report this information in its financial statements at December 31, 2017? Explain.(c) Did Lexington Co. properly account for the sale of the Summerset Company stock? Explain.(d) Are there any additional entries necessary for Lexington Co. at December 31,…

The following information is available about Ayayai Corp.'s investments at December 31, 2023. This is the first year Ayayai has purchased securities for investment purposes. Securities 2,500 shares of Petra Corporation common shares 900 shares of Dugald Inc. preferred shares Ayayai follows IFRS. (a) Cost Account Titles and Explanation $25,000 18,000 $43,000 Fair Value $30,000 16,000 $46,000 Prepare the adjusting entry for December 31, 2023, assuming the investments are acquired for trading purposes and accounted for using the FV-NI model with no separate reporting of dividends and other types of FV-NI investment income and losses. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Debit Credit