The table below indicates the carrying amounts (and cost), and fair values of Quintox's FV-OCI investments as of their fiscal year end, November 30, 2017. Investments Carrying Amount Fair Value Claricom Inc. $130,000 $110,000 Michelion Inc. 220,400 201,500 Avacom Inc. 190,000 196,000 Ryinex Inc. 217,300 206,300 $757,700 $713,800 Required: Prepare the journal entry at November 30, 2017 that Quintox would make to record for these investments. iii) On December 28, 2017 Quintox sells all of its Avacom Inc.'s common shares receiving cash proceeds of $204,750. Required: Prepare the three journal entries Quintox would record at December 28, 2017. (Leave an empty line between each journal entry).

The table below indicates the carrying amounts (and cost), and fair values of Quintox's FV-OCI investments as of their fiscal year end, November 30, 2017. Investments Carrying Amount Fair Value Claricom Inc. $130,000 $110,000 Michelion Inc. 220,400 201,500 Avacom Inc. 190,000 196,000 Ryinex Inc. 217,300 206,300 $757,700 $713,800 Required: Prepare the journal entry at November 30, 2017 that Quintox would make to record for these investments. iii) On December 28, 2017 Quintox sells all of its Avacom Inc.'s common shares receiving cash proceeds of $204,750. Required: Prepare the three journal entries Quintox would record at December 28, 2017. (Leave an empty line between each journal entry).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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