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Student Name:
Class:
Debit Credit
58
1.5
1.5 «- Correct!
18
18 «- Correct!
60
60 «- Correct!
Cash
December 1
Instructor
November 1
November 1
Cash
($ in millions)
General Journal
Investment in Holistic Entertainment bonds
2016
Investment revenue
AMALGAMATED GENERAL CORPORATION
October 18
October 31
Investment in Millwork Ventures preferred shares
Cash
Problem 12-07
McGraw-Hill/Irwin
Investment in Household Plastics bonds
Account
Student Name:
Class:
Debit Credit
Instructor
($ in millions)
General Journal
AMALGAMATED GENERAL CORPORATION
Problem 12-07
McGraw-Hill/Irwin
Account
0.3
2 «- Correct!
2.0
5.4
43
Cash
Investment revenue receivable - Holistic Entertainment
Accrued interest:
December 31
Investment revenue
Closing entry:
2017
January 7
Net unrealized holding gains and losses-I/S(NXS)
Net unrealized holding gains and losses-I/S
30,000,000$
10%
2016
Oct. 18 2,000,000
12%
20 5,600,000$
21 4,000,000
44,000,000$
Cost of common shares purchased (NXS Corporation)
Number of preferred shares purchased (Millwork Ventures Company)
Interest rate of bonds purchased (Household Plastics Corporation)
U.S. Treasury bonds purchased
Number of common shares purchased (NXS Corporation)
AMALGAMATED GENERAL CORPORATION
Additional information:
Securities (bonds) held 10/1 (Kansas Abstractors, Inc.)
Interest rate on bonds (Kansas Abstractors, Inc.)
Student Name:
Class:
Debit Credit
324
324 «- Correct!
Debit Credit
324
Problem 12-09
McGraw-Hill/Irwin
Instructor
Purchase
Account
Requirement 2:
RUNYAN BAKERY
Investment in Lavery Labeling shares
Cash
($ in millions)
General Journal
Purchase
Account
Requirement 1:
Investment in Lavery Labeling shares
30%
324,000,000$
10,000,000
Number of shares purchased
Purchase amount
Given Data P12-09:
RUNYAN BAKERY
Information re: Lavery Labeling stock purchase:
Percentage of outstanding common shares bought
Student Name:
Class:
Debit Credit
400.0
400.0 «- Correct!
12.0
12.0 «- Correct!
Investment Revenue ($ in millions)
Debit Credit Balance
56.0 56.0
Correct!
Investment in Vancouver T&M shares ($ in millions)
Debit Credit Balance
400.0 400.0
56.0 456.0
Explanation
Requirement 3:
Explanation
Cost
Share of income
Share of income
Problem 12-12
McGraw-Hill/Irwin
Instructor
Purchase
Account
Requirement 1:
($ in millions)
General Journal
NORTHWEST PAPERBOARD COMPANY
Net income
Requirement 2:
Investment in Vancouver T&M shares
Cash
Cash
Investment in Vancouver T&M shares
Inventory adjustment
40%
400,000,000$
Given Data P12-12:
NORTHWEST PAPERBOARD COMPANY
Percentage of outstanding common shares bought
Purchase amount
