Required information [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $ 1,445,000 (155,000) No changes occurred during 2024 in the investment portfolio. $ 1,290,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,199,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,199,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
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- [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares $ 1,895,000 Less: Fair value adjustment (200,000) $ 1,695,000 No changes occurred during 2024 in the investment portfolio. Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,331, 000.Assignment for ACG3111 This is the problem: The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets: Investments in IBM common shares 1,845,000 Less: Fair Value Adjustment (195,000) 1,650,000 No changes occurred during 2018 in the investment portfolio. Prepare appropriate adjusting entries at Dec 31, 2018, assuming that the values of the common share were: 1,315,000 My question is if this problem is relating to an AFS security, the unrealized holding loss on AFS investment would be debited to OCI instead of NI. However, when I did my homework, it seems that the correct answer is unrealized holding loss on AFS investment - NI. Could you tell me the explanation behind this answer, please?The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024. Investment income or (loss) Additional information: 1. 2. 3. $13,400 18,300 (600) The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $3,100, and loss on sale of the FVTPL investments of $3,700. The carrying amount of the FVTPL investment sold was $4,900.
- Required information [The following information applies to the questions displayed below.] Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 1, 2020, are available here. This material is also available under the Investor Relations link at the company's website! 5. Assuming Target's industry had an average current ratio of 1.0 and an average debt to equity ratio of 2.5, comment on Target's liquidity and long-term solvency.As of 12/31/2020 Bank of America had Stockholders Equity on their Balance Sheet at $216,324 Milllion; the market capitalization of B of A at year end was $214,324. Is B of A required to write-down their book value to fair value? What authoritative literature addresses this topic? Provide FASB codification.On January 1, 2020, Maya Company appropriately reported a credit balance of P125,000 (before income tax effect) in the fair value adjustment account in conformity with the valuation of investment to other comprehensive income. There was no change during 2020 in the composition of the portfolio of equity security Investments. Pertinent data on December 31, 2020 as follows:Securities Cost MarketC PI,500,000 PI,625,000P 1,250,000 1,300,000A 2,250,000 2,350,000Total P5,000,000 P5,275,000 What amount of unrealized gain on these securities should the company report in its 2020 shareholders' equity? a. none b. 275,000 c. 400,000 d. 625,000
- The statement of financial position of a company presents following financial assets at December 31,2021:· Bank cheque account = P58,400.· Bank savings account (collectible immediately) = P23,440.· Cash = P10,000.· Common stocks of Entity Z, one of the most traded assets in Country A’s stock exchange, purchased by the airline to speculate = P2,715.· Oil Price derivative entered into by the entity to hedge the commodity price risk of the anticipated future purchase of oil for use in the entity’s operating business = P6,720.· A gold price derivative entered into by the entity to speculate = P9,880· Treasury bonds issued by the government of Country A – P8,500. The entity acquired the bonds from the government one week before entity’s reporting date. The bonds mature 2 months after the date of acquisition (ie they are two-month bonds from the date of issue).· Treasury bonds issued by the government of Country A = P6,300. The entity acquired…On January 1, 2020, May Company appropriately reported a debit balance of P125,000 (before income tax effect) in the fair value adjustment account on its investment to other comprehensive Income, There was no change during 2020 in the composition of the portfolio of investments. Pertinent data on December 31, 2020 are as follows:Securities Cost MarketC Pl,500,000 PI,475,000P 1,250,000 1,000,000A 2,250,000 1,750,000Total P5,000,000 P4,225,0001. By what amount the equity securities had decreased during 2020? a. none b. 125,000 c. 775,000 d. 900,000 2. What amount of unrealized loss should May company report in December 31,2020 shareholder's equity related to its investment, ignore income tax? a. none b. 125,000 c. 775,000 d. 900,000On January 1, 2020, Maya Company appropriately reported a credit balance of P125,000 (before income tax effect) in the fair value adjustment account in conformity with the valuation of investment to other comprehensive income. There was no change during 2020 in the composition of the portfolio of equity security Investments. Pertinent data on December 31, 2020 as follows:Securities Cost MarketC PI,500,000 PI,625,000P 1,250,000 1,300,000A 2,250,000 2,350,000Total P5,000,000 P5,275,000What amount of unrealized gain or loss on these securities should the company report in its 2020 statement of comprehensive income, ignore income tax effect? a. none b. 375,000 c. 400,000 d. 625,000
- 1. On December 31, 2020, Norway Company had: 2021, a receiver was appointed for the said customer. Norway Company reported that the year-end is December The receiver informed Norway that the P400,000 would days after the end of reporting period. On January 15, authorized receivable of P400,000 from a customer that is due 60 31, 2020, these investments were recorded at the market 31, 2020 and the financial statements are issue on March 15, 2021. for be paid in full by June 30, 2021. 2. Norway Company measured share investments held . trading at fair value through profit or loss. On December value of P5,000,000. During the period up to February 15 2021, there was a steady decline in the market value of all the shares in the portfolio, and on February 15, 2021. the market value had fallen to P2,000,000. 3. Norway Company had reported a contingent liability on December 31, 2020 related to a court case in which Norway Company was the defendant. The case was not heard until the first week of…Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2021 in the investment portfolio. Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,187,00 no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $1,395,000 (150,000) $1,245,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,187,000.Complete the following table by putting the proper amount in each column: Assume that $100,000 was invested in each of the following classifications and the market value at the end of the year was $95,000. (For the Current Long term column indicate which classification is correct assuming there are no current maturities on long-term investments) Investment Type Carrying Value Current (C) or Long Term (LT) Adjustment To Income Adjustment to Other Comp Inc Debt Investment Trading Available-For-Sale Held-to-Maturity Equity Investment < 20% Ownership >21%,<50% Ownership