Description of this paper

Loading

Could you please help me out to fill out some blanks for-(Answered)

Description

Instant Solution ? Click "Buy button" to Download the solution File


Question

Could you please help me out to fill out some blanks for adjusting entry and balance sheet? Thank you.


P12-5A

 

2016?4?29?

 


 

16:29

 


 

Problem 12-5A

 

The following securities are in Frederick Company?s portfolio of long-term available-for-sale securities at

 

December 31, 2017.

 


 

Cost

 

1,300 shares of Willhite Corporation common stock

 


 

$65,000

 


 

1,300 shares of Hutcherson Corporation common stock

 


 

83,200

 


 

1,350 shares of Downing Corporation preferred stock

 


 

36,450

 


 

On December 31, 2017, the total cost of the portfolio equaled total fair value. Frederick had the following

 

transactions related to the securities during 2018.

 


 

Jan.

 


 

20 Sold all 1,300 shares of Willhite Corporation common stock at $53 per share.

 

28 Purchased 300 shares of $72 par value common stock of Liggett Corporation at $80 per

 

share.

 

30 Received a cash dividend of $1.36 per share on Hutcherson Corporation common stock.

 


 

Feb.

 


 

8 Received cash dividends of $0.67 per share on Downing Corporation preferred stock.

 

18 Sold all 1,350 shares of Downing Corp. preferred stock at $26 per share.

 


 

July

 


 

30 Received a cash dividend of $1.00 per share on Hutcherson Corporation common stock.

 


 

Sept.

 


 

6 Purchased an additional 900 shares of $13 par value common stock of Liggett Corporation

 

at $84 per share.

 


 

Dec.

 


 

1 Received a cash dividend of $1.28 per share on Liggett Corporation common stock.

 


 

At December 31, 2018, the fair values of the securities were:

 


 

Hutcherson Corporation common stock $68 per share

 

Liggett Corporation common stock

 


 

$74 per share

 


 

Your answer is partially correct. Try again.

 

Prepare journal entries to record the 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. Record journal entries in the order presented in the problem.

 

Round answers to 0 decimal places, e.g. 1,525.)

 


 

?? Page 1

 


 

904

 

904

 


 

Your answer is correct.

 

Post to the investment accounts. (Use T-accounts.) (Post entries in the order of journal entries presented in

 

the previous part. Round answers to 0 decimal places, e.g. 1,525.)

 


 

Your answer is partially correct. Try again.

 

Prepare the adjusting entry at December 31, 2018 to report the portfolio at fair value. (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. Round answers to 0 decimal places, e.g.

 

1,525.)

 


 

Your answer is partially correct. Try again.

 

Show the balance sheet presentation at December 31, 2018, for the investment-related accounts. (Enter account

 

name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 1,525.)

 


 

?? Page 2

 


 

?? Page 3

 


 

 

Paper#9210360 | Written in 27-Jul-2016

Price : $19
SiteLock