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Sarasota Corporation, a public company, has the following investments at November 30, 2024: 1. 2. 3. 4. 5. Investments held for trading purposes: common shares of National Bank, carrying amount $22,000, fair value $22,900, and five-year, 5% bonds of Turbo Corp., carrying amount $44,000, fair value $42,200 FVTOCI investment: 25% of the common shares of Sword Corp., carrying amount $95,000, fair value $92,400 Strategic investment: common shares of Epee Inc. (30% ownership), cost $184,800, equity method balance $220,000 Debt investment purchased to earn interest: bonds of Ghoti Ltd. maturing in four years, amortized cost $132,000, fair value $154,000 Debt investment purchased to earn interest: Canadian government 120-day treasury bill, purchased at $22,000, $110 interest accrued to November 30, 2024

Sarasota Corporation, a public company, has the following investments at November 30, 2024: 1. 2. 3. 4. 5. Investments held for trading purposes: common shares of National Bank, carrying amount $22,000, fair value $22,900, and five-year, 5% bonds of Turbo Corp., carrying amount $44,000, fair value $42,200 FVTOCI investment: 25% of the common shares of Sword Corp., carrying amount $95,000, fair value $92,400 Strategic investment: common shares of Epee Inc. (30% ownership), cost $184,800, equity method balance $220,000 Debt investment purchased to earn interest: bonds of Ghoti Ltd. maturing in four years, amortized cost $132,000, fair value $154,000 Debt investment purchased to earn interest: Canadian government 120-day treasury bill, purchased at $22,000, $110 interest accrued to November 30, 2024

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Show how the investments would be reported in the assets section of the balance sheet. Current Assets SARASOTA CORPORATION Balance Sheet (Partial) November 30, 2024 Investments at Amortized Cost, Treasury Bill Investments at Fair Value through Profit or Loss Assets tA
Transcribed Image Text:Show how the investments would be reported in the assets section of the balance sheet. Current Assets SARASOTA CORPORATION Balance Sheet (Partial) November 30, 2024 Investments at Amortized Cost, Treasury Bill Investments at Fair Value through Profit or Loss Assets tA
Sarasota Corporation, a public company, has the following investments at November 30, 2024: 1. 2. 3. 4. 5. Investments held for trading purposes: common shares of National Bank, carrying amount $22,000, fair value $22,900, and five-year, 5% bonds of Turbo Corp., carrying amount $44,000, fair value $42,200 FVTOCI investment: 25% of the common shares of Sword Corp., carrying amount $95,000, fair value $92,400 Strategic investment: common shares of Epee Inc. (30% ownership), cost $184,800, equity method balance $220,000 Debt investment purchased to earn interest: bonds of Ghoti Ltd. maturing in four years, amortized cost $132,000, fair value $154,000 Debt investment purchased to earn interest: Canadian government 120-day treasury bill, purchased at $22,000, $110 interest accrued to November 30, 2024
Transcribed Image Text:Sarasota Corporation, a public company, has the following investments at November 30, 2024: 1. 2. 3. 4. 5. Investments held for trading purposes: common shares of National Bank, carrying amount $22,000, fair value $22,900, and five-year, 5% bonds of Turbo Corp., carrying amount $44,000, fair value $42,200 FVTOCI investment: 25% of the common shares of Sword Corp., carrying amount $95,000, fair value $92,400 Strategic investment: common shares of Epee Inc. (30% ownership), cost $184,800, equity method balance $220,000 Debt investment purchased to earn interest: bonds of Ghoti Ltd. maturing in four years, amortized cost $132,000, fair value $154,000 Debt investment purchased to earn interest: Canadian government 120-day treasury bill, purchased at $22,000, $110 interest accrued to November 30, 2024
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