Problem 17-1o Marin, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company Rogers Company Chance Company 960 shares $15 each 860 shares $19 each 480 shares $8 each $14,400 16,340 3,840 34,580 (7,780 ) Equity investments cost Fair value adjustment Equity investments e fair value $26,800 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share. On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share. 2. 3. 4. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7. During 2021, the following transactions took place. On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share. On March 1, Rogers Company paid a $2 per share dividend. On Dec 5. 6. ember 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31, 2021, the stocks had the following price per share values: Evers $19 and Rogers $20. 7. 2 Your answer is partially correct. Try again. Prepare journal entries for each of the above transactions. (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 Debit Credit (1)T Investment Income 1720 Dividend Revenue 1720 Cash 3600 Investment Income 2400 Gain on Sale of Investn 1200 (3) TDebt Investments 1760 Cash 1760 (4)E Equity Investments 2710 Revenue from Investm 2710 (5) Cash 1260 Loss on Sale of Investmen 180

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On December 21, 2020, Grouper 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   $21,600   $20,700   $(900 ) Colorado Co. stock   10,700   9,600   (1,100 ) Buffaloes Co. stock   21,600   22,200   600   Total of portfolio   $53,900   $52,500   (1,400 ) Previous fair value adjustment balance           0   Fair value adjustment—Cr.           $(1,400 ) During 2021, Colorado Co. stock was sold for $10,140. The fair value of the stock on December 31, 2021, was Clemson Corp. stock—$20,790; Buffaloes Co. stock—$22,110. 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,…

EXERCISE 4 The Millenium Company had 100,000 shares of Ordinary Share Capital on December 31,2019. Its statement of financial position on that date showed the following shareholder's equity balances: Ordinary Share Capital, P 10 par P 1,000,000 Share premium 300,000 Retained Earnings 900,000 The following treasury share transactions took place in 2020: 1.) Purchased 10,000 ordinary shares at P 14 per share. 2.) Sold 4,000 of the treasury shares above at P 15 per share. 3.) Sold 5,000 of the treasury shares above at P 13 per share. 4.) Retired the remaining treasury shares. REQUIRED: a) Prepare the entries in the books of Millenium Company to record the foregoing transactions. b) Determine the total shareholder's equity at December 31,2020, assuming that profit for the year was P 280,000 and cash dividends declared were P 200,000.