Problem 17-10 (Part Level Submission) Waterway, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,000 shares @ $16 each $16,000 880 shares @ $21 each 520 shares @ $9 each Rogers Company 18,480 Chance Company 4,680 Equity investments @ cost 39,160 Fair value adjustment (7,150 ) Equity investments @ fair value $32,010 During 2020, the following transactions took place. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Waterway, Inc. sold 320 shares of Chance Company for $11 per share. On May 15, Waterway, Inc. purchased 100 more shares of Evers Company stock at $17 per share. 1. 2. 3. 4. At December 31, 2020, the stocks had the following price per share values: Evers $18, Rogers $20, and Chance $8. During 2021, the following transactions took place. 5. On February 1, Waterway, Inc. sold the remaining Chance shares for $8 per share. On March 1, Rogers Company paid a $2 per share dividend. On December 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 6. 7. At December 31, 2021, the stocks had the following price per share values: Evers $20 and Rogers $22. 8.

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Oriole, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company   970 shares @ $14 each   $13,580   Rogers Company   910 shares @ $18 each   16,380   Chance Company   500 shares @ $9 each   4,500   Equity investments @ cost       34,460   Fair value adjustment       (7,840 ) Equity investments @ fair value       $26,620   During 2020, the following transactions took place. 1.   On March 1, Rogers Company paid a $2 per share dividend. 2.   On April 30, Oriole, Inc. sold 290 shares of Chance Company for $11 per share. 3.   On May 15, Oriole, Inc. purchased 90 more shares of Evers Company stock at $17 per share. 4.   At December 31, 2020, the stocks had the following price per share values: Evers $18, Rogers $17, and Chance $8. During 2021, the following transactions took place. 5.   On February 1, Oriole, Inc. sold the remaining Chance shares for $8 per share. 6.   On March 1, Rogers Company paid a $2 per share dividend.…

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Larkspur Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,800 shares of Anderson Co. common stock which cost $50,400, (2) 10,800 shares of Munter Ltd. common stock which cost $604,800, and (3) 6,300 shares of King Company preferred stock which cost $270,900. The Fair Value Adjustment account shows a credit of $10,400 at the end of 2020. In 2021, Larkspur completed the following securities transactions. 1. On January 15, sold 2,800 shares of Anderson's common stock at $20 per share less fees of $2,160. 2. On April 17, purchased 900 shares of Castle's common stock at $33 per share plus fees of $2,030. On December 31, 2021, the market prices per share of these securities were Munter $65, King $40, and Castle $25. In addition, the accounting supervisor of Larkspur told you that, even though all these securities have readily determinable fair values, Larkspur will not actively trade these securities because…

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On December 21, 2020, Sweet Company provided you with the following information regarding its equity investments. December 31, 2020 Investments (Trading)   Cost   Fair Value   Unrealized Gain (Loss) Clemson Corp. stock   $19,300   $18,200   $(1,100 ) Colorado Co. stock   10,400   9,400   (1,000 ) Buffaloes Co. stock   19,300   19,930   630   Total of portfolio   $49,000   $47,530   (1,470 ) Previous fair value adjustment balance           0   Fair value adjustment—Cr.           $(1,470 ) During 2021, Colorado Co. stock was sold for $9,910. The fair value of the stock on December 31, 2021, was Clemson Corp. stock—$18,310; Buffaloes Co. stock—$19,830. None of the equity investments result in significant influence. (a)   Prepare the adjusting journal entry needed on December 31, 2020. (b)   Prepare the journal entry to record the sale of the Colorado Co. stock during 2021. (c)   Prepare the adjusting journal entry needed on December 31,…

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