Which of the following sales can be reported directly on Schedule D? 1) Fabian received a Form 1099-B reporting stock sale proceeds of $2,157 and basis of $2,000. 2) Latisha received a Form 1099-B reporting stock sale proceeds of $4,892 and basis of $3,786. This sale requires an adjustment to the basis. 3) Christian received a Form 1099-B reporting stock sale proceeds of $5,497, basis of $4,450, and wash sale loss disallowed of $643. 4) Theo received a Form 1099-B reporting stock sale proceeds of $328 and no basis.
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Which of the following sales can be reported directly on Schedule D?
1) Fabian received a Form 1099-B reporting stock sale proceeds of $2,157 and basis of $2,000.
2) Latisha received a Form 1099-B reporting stock sale proceeds of $4,892 and basis of $3,786. This sale requires an adjustment to the basis.
3) Christian received a Form 1099-B reporting stock sale proceeds of $5,497, basis of $4,450, and wash sale loss disallowed of $643.
4) Theo received a Form 1099-B reporting stock sale proceeds of $328 and no basis.
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- Which of the following sales can be reported directly on Schedule D? Jude received a Form 1099-B reporting stock sale proceeds of $2,497, basis of $1,450, and wash sale loss disallowed of $313. Rolando received a Form 1099-B reporting stock sale proceeds of $1,341 and basis of $1,303. Sefa received a Form 1099-B reporting stock sale proceeds of $3,292 and basis of $3,621. This sale requires an adjustment to the basis. Agnes received a Form 1099-B reporting stock sale proceeds of $400 and no basis.Carla, Inc. purchased 1,810 shares of Oneida Corporation common stock for $84,600. During the year. Oneida paid a cash dividend of $1.10 per share. At year-end, Oneida stock was selling for $43.90 per share. Prepare Carla's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (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 O for the amounts.) (a) (b) (c) Account Titles and Explanation Debit CreditBonneau Company had the following transactions relating to investments in available-for-sale securities during the year. Prepare the required general journal entries for these transactions:July 4 Bonneau purchased 400 shares of Crossley Company stock at $120 per share plus a $400 brokerage fee. These stocks will be classified as Available-for-Sale securities.Sept 15 Bonneau received a $1.50 per share cash dividend on the Crossley Company stock.Dec 31 The fair value of the Crossley Company stock (the only investment that Bonneau owns) is $125 per share. The balance of the Fair value Adjustment—AFS account had a zero balance prior to adjustment.
- On Nov 15, Quazar Co. declared a property dividend of marketable securities to be distributed on Dec 15 to stockholders of record on Dec 1. The market value of the securities was as follows: November 15 $225,000 December 1 $220,000 December 15 $250,000 The mararketable securities originally cost Quazar $200,000. What is the net effect on Quazar's retained earnings as a result of declaring this property dividend ?An investor purchased 100 shares of Mallard common stock at $20 per share on March 15 of Year 1. On December 31 of Year 1, the stock was quoted at $19 per share and Mallard declared and paid a dividend of $1.50 per share. On June 5 of Year 2, the investor sold all 100 shares for $22 per share. On December 31 of each year, the Fair Value Adjustment account is adjusted. Assuming the investment is measured at FV-NI, provide the journal entries to be made at each of the following dates. a. March 15, Year 1. b. December 31, Year 1. c. June 5, Year 2. d. December 31, Year 2. Note: If a journal entry isn't required for the transaction, select "N/A—Debit" and "N/A―Credit" as the account names and leave the Dr. and Cr. answers blank (zero). Date Account Name (a) Mar. 15, Year 1 Investment in Stock Cash (b1) Dec. 31, Year 1 (b2) Dec. 31, Year 1 (c) June 5, Year 2 To record investment purchase. Cash Dividend Revenue To record dividends. Unrealized Gain or Loss-Income Fair Value Adjustment-Equity…On January 1, 2020, Aponte, Inc. acquired a preferred stock investment for $ 50,000. As of December 31, 2020, the investment had a market value of $ 55,000. Aponte reported the investment in the Statement of Financial Position for $ 50,000 without registering any adjustment. What effect will this error have on Aponte's 2020 Net Income? Select one: a. Will be underestimated b. It will be overestimated. c. It will be correct. d. It will not affect net income.
- Derr Co. purchases stock investments (with insignificant influence) at a cost of $250 on December 15. This is its first and only purchase of such securities. On December 28, Derr received a $15 cash dividend from the stock investments. At year-end December 31, the stock investments had a fair value of $200. a. Prepare the December 15 purchase entry for stock investments. b. Prepare the December 28 receipt of cash dividends entry. c. Prepare the December 31 year-end adjusting entry for the stock investments’ portfolio. d. Explain how each account in entry c is reported in financial statements. e. Prepare the January 3 entry when a portion of its stock investments (that had cost $37) is sold for $40.Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.00 per share from XLT in dividends. Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT on April 18. Note: Enter debits before credits. Date General Journal Debit Credit Apr 18 Receives $1.00 per share from XLT in dividends on May 30. Note: Enter debits before credits. Date General Journal Debit Credit May 30Aisha Knox paid a total of $1,500 for 75 shares of stock. He sold the stock for $22.50 a share and paid a sales commission of $49.00. What is the profit or loss from the sale?
- Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the investment as a trading security. Concord sold 270 shares of the stock for $21 each. At year end the price per share of the Sugarland Company had increased to $22.Prepare the journal entries for these transactions and any year-end adjustments. (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.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.) enter an account title to record the sale enter a debit amount enter a credit amount enter an account title to record the sale enter a debit amount enter a credit…Prepare Riley Company's journal entries to record the following transactions for the current year. April 18 Purchases 340 common shares of XLT Company as a short-term investment at a cost of $46 per share. With this stock investment, Riley has an insignificant influence over XLT. May 30 Receives $1.40 per share from XLT in dividends. View transaction list Journal entry worksheet 1 2 Purchases 340 common shares of XLT Company as a short-term investment at a cost of $46 per share. With this stock investment, Riley has an insignificant influence over XLT. Note: Enter debits before credits. Date April 18 Record entry General Journal Clear entry Debit Credit View general journalHurricane Inc. purchased a portfolio of available-for-sale securities in Year 1, its first year of operations. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Please see the attachment for details: On June 12, Year 2, Hurricane purchased 1,450 shares of Rogue Wave Inc. at $45 per share plus a $100 brokerage commission.a. Provide the journal entries to record the following:1. The adjustment of the available-for-sale security portfolio to fair value on December 31, Year 1.2. The June 12, Year 2, purchase of Rogue Wave Inc. stock.b. How are unrealized gains and losses treated differently for available-for-sale securities than for trading securities?
