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ACC 206 Week 7 Homework Chapter 16

ACC 206 Week 7 Homework Chapter 16

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ACC 206 Week 7 Homework Chapter 16 -

Brief Exercise 16-2

On August 1, Shaw Company buys 1,000 shares of Estrada common stock for $26,650 cash. On December 1, Shaw sells the stock investments for $32,520 in cash.

Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

 

Brief Exercise 16-6

Godfrey Corporation holds, as a long-term investment available-for-sale securities costing $65,060. At December 31, 2014, the fair value of the securities is $59,731.

Prepare the adjusting entry to record the securities 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.)

 

Brief Exercise 16-8

Kruger Corporation has the following long-term investments: (1) Common stock of Eidman Co. (10% ownership) held as available-for-sale securities, cost $110,860, fair value $117,920. (2) Common stock of Pickerill Inc. (30% ownership), cost $224,830, equity $286,240.

Prepare the investments section of the balance sheet.

 

 

 

Exercise 16-3

Flynn Company purchased 70 Rinehart Company 13%, 10-year, $1,300 bonds on January 1, 2014, for $91,000. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2015, after receipt of interest, Flynn Company sold 42 of the bonds for $50,050.

Prepare the journal entries to record the transactions described above. (Round answers to 0 decimal places, e.g. 15,250. 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.)

 

Exercise 16-7 (Part Level Submission)

On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $168,100. At December 31, Helbert declared and paid a $65,300 cash dividend and reported net income of $180,500.

Journalize 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.)

 

Exercise 16-10 (Part Level Submission)

At December 31, 2014, the trading securities for Storrer, Inc. are as follows.

Security                        Cost                 Fair Value

A                                 $17,000           $15,500

B                                  12,900             14,000

C                                 22,800             19,500

                                    $52,700           $49,000

Prepare the adjusting entry at December 31, 2014, to report the securities 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.)

 

Problem 16-4A (Part Level Submission)

Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2014, by paying $875,900 for the 46,100 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2014. Quayle reported net income of $384,900 for the year. At December 31, 2014, the market price of Quayle common stock was $27 per share.

Prepare the journal entries for Heidebrecht Design for 2014 assuming Heidebrecht Design cannot exercise significant influence over Quayle. (Use the cost method and assume that Quayle common stock should be classified as a trading security.) (Record journal entries in the order presented in the problem. 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.)

 

 

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