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Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Investments 2,000 shares of David Jones Inc., common 5,600 shares of Hearn Corp., common 380 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 In 2023, Pina Colada completed the following securities transactions: Investments Carrying Amount (before adjustment) $111,000 5,600 shares of Hearn Corp., common 800 shares of Oberto Ltd., common 380 shares of Alessandro Inc., preferred 207,200 (a) 53,200 $371,400 Your Answer Correct Answer (Used) Fair Value Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500. Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400. Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023: Original Cost $207,200 56,800 53,200 $317,200 $106,000 200,600 $361,300 Fair Value $200,600 54,700 54,500 50,100 $305,200 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.

Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Investments 2,000 shares of David Jones Inc., common 5,600 shares of Hearn Corp., common 380 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 In 2023, Pina Colada completed the following securities transactions: Investments Carrying Amount (before adjustment) $111,000 5,600 shares of Hearn Corp., common 800 shares of Oberto Ltd., common 380 shares of Alessandro Inc., preferred 207,200 (a) 53,200 $371,400 Your Answer Correct Answer (Used) Fair Value Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500. Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400. Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023: Original Cost $207,200 56,800 53,200 $317,200 $106,000 200,600 $361,300 Fair Value $200,600 54,700 54,500 50,100 $305,200 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 15E
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11, please answer last part. thanks

please pick from the follow accounts:

 

Accumulated Other Comprehensive Income

Allowance for Investment Impairment

Bond Investment at Amortized Cost

Cash

Commission Expense

Dividends Receivable

Dividend Revenue

FV-NI Investments

FV-OCI Investments

Gain on Disposal of Investments - FV-NI

Gain on Disposal of Investments - FV-OCI

Gain on Sale of Investments

GST Receivable

Interest Expense

Interest Income

Interest Payable

Interest Receivable

Investment in Associate

Investment Income or Loss

Loss on Discontinued Operations

Loss on Disposal of Investments FV-NI

Loss on Disposal of Investments FV-OCI

Loss on Impairment

Loss on Sale of Investments

No Entry

Note Investment at Amortized Cost

Other Investments

Recovery of Loss from Impairment

Retained Earnings

Unrealized Gain or Loss

Unrealized Gain or Loss - OCI

Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Investments 2,000 shares of David Jones Inc., common 5,600 shares of Hearn Corp., common 380 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 In 2023, Pina Colada completed the following securities transactions: Investments 5,600 shares of Hearn Corp., common 800 shares of Oberto Ltd., common 380 shares of Alessandro Inc., preferred (a) Carrying Amount (before adjustment) $111,000 Your Answer Correct Answer (Used) 207,200 Account Titles and Explanation $371,400 Investment Income or Loss 53,200 Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500. Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400. Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023: FV-NI Investments Original Cost $207,200 56,800 53,200 Fair Value $317,200 $106,000 200,600 $361,300 Fair Value $200,600 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately. 54,700 54,500 50,100 $305,200 Prepare Pina Colada general journal entry to record the adjusting entry for December 31, 2022. (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 10,100 Credit 10,100
Transcribed Image Text:Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022: Investments 2,000 shares of David Jones Inc., common 5,600 shares of Hearn Corp., common 380 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 In 2023, Pina Colada completed the following securities transactions: Investments 5,600 shares of Hearn Corp., common 800 shares of Oberto Ltd., common 380 shares of Alessandro Inc., preferred (a) Carrying Amount (before adjustment) $111,000 Your Answer Correct Answer (Used) 207,200 Account Titles and Explanation $371,400 Investment Income or Loss 53,200 Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500. Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400. Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023: FV-NI Investments Original Cost $207,200 56,800 53,200 Fair Value $317,200 $106,000 200,600 $361,300 Fair Value $200,600 Assume that the company does not recognize and report dividends and other components of investment gains and losses separately. 54,700 54,500 50,100 $305,200 Prepare Pina Colada general journal entry to record the adjusting entry for December 31, 2022. (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 10,100 Credit 10,100
Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.) Account Titles and Explanation (c) Cash Loss on Disposal of Investments FV-NI FV-NI Investments eTextbook and Media Solution List of Accounts Debit Account Titles and Explanation 93500 Debit 12500 Credit 106000 Pina Colada general entry to record the purchase of the Oberto shares. (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 all debit entries before credit entries.) Credit Assistance Used Attempts: 3 of 3 used
Transcribed Image Text:Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.) Account Titles and Explanation (c) Cash Loss on Disposal of Investments FV-NI FV-NI Investments eTextbook and Media Solution List of Accounts Debit Account Titles and Explanation 93500 Debit 12500 Credit 106000 Pina Colada general entry to record the purchase of the Oberto shares. (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 all debit entries before credit entries.) Credit Assistance Used Attempts: 3 of 3 used
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