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An asterisk (*) will appear to the right of an incorrect entry.
a. 20Y6
Jan. 4
July 2
Dec. 31
b.
Initial acquisition cost
Equity earnings for 20Y6
Cash dividends received
Investment in Filington Co. stock balance, Dec. 31, 20Y6
Exercise D-7
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Section:
Score:
0%
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Instructions
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An asterisk (*) will appear to the right of an incorrect entry.
a. 20Y6
Jan. 4 4,800,000
4,800,000
July 2 240,000
240,000
Dec. 31 480,000
480,000
b.
Initial acquisition cost 4,800,000$
Equity earnings for 20Y6 480,000
Cash dividends received (240,000)
Investment in Filington Co. stock balance, Dec. 31, 20Y6 5,040,000$
Score:
ON
Exercise D-7
Name:
Solution
Section:
Cash
Investment in Filington Co. Stock
Investment in Filington Co. Stock
Income of Filington Co.
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Instructions
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Investment in Filington Co. Stock
Cash
[Key code here]
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a. 20Y9
Dec. 31
Fair Value
Cost (Dec 31, 20Y9)
Dust Devil, Inc.
Gale Co.
Whirlwind Co.
Total
Increase (decrease) in fair value
b.
Exercise D-11
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Section:
(Key essay answer here)
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0%
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Instructions
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a. 20Y9
Dec. 31 4,250
4,250
Fair Value
Cost (Dec 31, 20Y9)
Dust Devil, Inc. 81,700$ 76,000$
Gale Co. 68,000 63,750
Whirlwind Co. 114,000 119,700
Total 263,700$ 259,450$
Increase (decrease) in fair value (4,250)$
b.
Score:
ON
Exercise D-11
Name:
Solution
Section:
The unrealized loss on trading investments is reported on the income statement as “Other revenue and expense”
(or a separate item if significant). The unrealized loss is deducted in determining net income.
Instructions
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Unrealized Gain (Loss) on Trading Investments
Valuation Allowance for Trading Investments
