Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is Decemb- Lowland Company reports its investments according to ASPE. 1) On January 21, 2020, Lowland Company purchased 280 common shares of Marksmen Holding on the Stock Exchange at $18.18 per share. This represents a very small percentage of outstanding shares in the and Lowland Company plans to keep these for more than one year. 2) On September 30, 2020, Lowland Company received dividends from Marksmen Holding of $1.93 per 3) On December 31, 2020, the trading price of Marksmen Holding went up to $19.99 per share. 4) On January 28, 2021, Lowland Company sold all Marksmen Holding shares at $21.68 per share. Required Record journal entries for Lowland Company's investment activities. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Round all answers to 2 decimal places. Dobit Crodit

Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is Decemb- Lowland Company reports its investments according to ASPE. 1) On January 21, 2020, Lowland Company purchased 280 common shares of Marksmen Holding on the Stock Exchange at $18.18 per share. This represents a very small percentage of outstanding shares in the and Lowland Company plans to keep these for more than one year. 2) On September 30, 2020, Lowland Company received dividends from Marksmen Holding of $1.93 per 3) On December 31, 2020, the trading price of Marksmen Holding went up to $19.99 per share. 4) On January 28, 2021, Lowland Company sold all Marksmen Holding shares at $21.68 per share. Required Record journal entries for Lowland Company's investment activities. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Round all answers to 2 decimal places. Dobit Crodit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 15E: Investments On October 4, 2019, Collins Company purchased 100 bonds of Steph Company for 6,400 as a...

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Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.
Investments On October 4, 2019, Collins Company purchased 100 bonds of Steph Company for 6,400 as a short-term investment in securities classified as available for sale. On December 31, 2019, the bonds had a fair value of 6,300, and on February 8, 2020, Collins sold the bonds for 6,700. Required: In journal entry form, prepare the spreadsheet entries to record these transactions for Collins Companys 2019 and 2020 statement of cash flows.
Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is December 31. Lowland Company reports its investments according to ASPE. 1) On January 21, 2020, Lowland Company purchased 210 common shares of Huntsmen Holding on the Toronto Stock Exchange at $17.78 per share. This represents a very small percentage of outstanding shares in the company, and Lowland Company plans to keep these for more than one year. 2) On August 30, 2020, Lowland Company received dividends from Huntsmen Holding of $2.81 per share. 3) On December 31, 2020, the trading price of Huntsmen Holding went up to $19.39 per share. 4) On January 28, 2021, Lowland Company sold all Huntsmen Holding shares at $20.27 per share. Required Record journal entries for Lowland Company's investment activities. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Round all answers to 2 decimal places.
On July 1, 2021, JKJ Corporation purchased 100 common shares of JMK Ltd. at $20 per share. JKJ expected to be able to sell this investment within a year at $28 per share. Dividends of $1 per share were declared and paid on August 1, 2021. On December 31, 2021, the fair value of each share was $23. What balance was shown in the investment account on JKJ's balance sheet on December 31 (year end)? $2,300 $2,400 $2,000 $2,800
On April 1, 2024, Sheridan Company purchased 34,400 common shares in Ecotown Ltd. for $18 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $20 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date 10 Account Titles Debit Credit
On April 1, 2024, Sunland Company purchased 44,800 common shares in Ecotown Ltd. for $13 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $15 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles く Debit Credit
On January 1, 2020, Windsor Company purchased 6,100 shares of Kusher Company stock for $439,200. Windsor's investment represents 30 percent of the total outstanding shares of Kusher. During 2020, Kusher paid total dividends of $152,000 and reported net income of $456,000. What revenue does Windsor report related to this investment and what is the amount to be reported as an investment in Kusher stock at December 31? Revenue $ Investment in Kusher stock at December 31 $
On February 18, 2018, Union Corporation purchased 10,000 shares of IBM bonds as a long-term investment for$600,000. Union will hold the bonds indefinitely, and may sell them if their price increases sufficiently. On December 31, 2018, and December 31, 2019, the market value of the bonds was $580,000 and $610,000, respectively.Required:1. What is the appropriate reporting category for this investment? Why?2. Prepare the adjusting entry for December 31, 2018.3. Prepare the adjusting entry for December 31, 2019.
On January 1, 2021, JAPAN COMPANY purchased 12% bonds with face amount of $ 5,000,000 for $ 5,380,000 and it has an effective yield of 10%. Interests are payable annually on December 31 of each year. The bonds are quoted at 120 on December 31, 2021 and 115 on December 31, 2022. The business model of JAPAN COMPANY is to trade or sell the financial assets. QUESTION: Prepare all journal entries for 2021 and 2022 applicable to this transaction.
Live Large Inc. had the following transactions involving non-strategic Investments during 2023. 2023 Apr. 1 Paid $118,050 to buy a 90-day term deposit, $118,000 principal amount, 6.5%, dated April 1. There was a $50 transaction fee included in the above-noted payment amount. 12 Purchased 4,800 common shares of Blue Balloon Ltd. at $22.25. There was a $50 transaction fee included in the above-noted payment amount. June 9 Purchased 3,600 common shares of Purple Car Corp. at $51.00. There was a $50 transaction fee included in the above-noted payment amount. 20 Purchased 1,600 common shares of Yellow Tech Ltd. at $15.75. There was a $50 transaction fee included in the above-noted payment acount. July 1 Purchased for $85,912 a 8.5%, $83,000 Space Explore Inc. bond that matures in eight years when the market interest rate was 7.9%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning December 31, 2023. Live Large Inc. plans to…
Live Large Inc. had the following transactions involving non-strategic investments during 2023. 2023 Apr. 1 Paid $100,050 to buy a 90-day term deposit, $100,000 principal amount, 5.0 %, dated April 1. There was a $50 transaction fee included in the above-noted payment amount. June 12 Purchased 3,000 common shares of Blue Balloon Ltd. at $22.25. There was a $50 transaction fee included in the above-noted payment amount. 9 Purchased 1,800 common shares of Purple Car Corp. at $49.50. There was a $50 transaction fee included in the above-noted payment amount. 20 Purchased 700 common shares of Yellow Tech Ltd. at $15.75. There was a $50 transaction fee included in the above-noted payment amount. July 1 Purchased for $67,412 a 7.0 %, $65,000 Space Explore Inc. bond that matures in eight years when the market interest rate was 6.4%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning December 31, 2023. Live Large Inc. plans to…