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a. 2016
Jan. 14
June 24
Dec. 31
b.
Initial acquisition cost
Equity earnings for 2016
Cash dividends received
Investment in Filington Co. stock balance, Dec. 31, 2016
Exercise 15-11
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Instructions
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a. 2016
Jan. 14 5,250,000
5,250,000
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Instructions
Exercise 15-11
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Solution
Investment in Filington Co. Stock
Cash
Cash
Investment in Filington Co. Stock
[Key code here]
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a. 2016
Dec. 31
Fair Value
Cost (Dec 31, 2016)
Arden Enterprises, Inc.
Pisgah Construction, Inc.
Total
Increase (decrease) in fair value of trading investments
b.
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Exercise 15-17
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Section:
(Key essay answer here)
Instructions
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a. 2016
Dec. 31 17,500
Fair Value
Cost (Dec 31, 2016)
Arden Enterprises, Inc. 150,000$ 170,000$
b.
Key Code:
Instructions
Valuation Allowance for Trading Investments
Exercise 15-17
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Solution
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[Key code here]
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a. 2016
Dec. 31
Fair Value
Cost (Dec 31, 2016)
Dust Devil, Inc.
Gale Co.
Whirlwind Co.
Total
Increase (decrease) in fair value
b.
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Exercise 15-22
Name:
Section:
(Key essay answer here)
Instructions
Answers are entered in the cells with gray backgrounds.
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An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a. 2016
Dec. 31 4,250
4,250
Fair Value
Cost (Dec 31, 2016)
Dust Devil, Inc. 81,700$ 76,000$
b.
Instructions
Unrealized Gain (Loss) on Available-for-Sale Investments
Valuation Allowance for Available-for-Sale Investments
There is no income statement impact from the December 31, 2016, adjusting entry. Unrealized Gain (Loss) on
Available-for-Sale Investments is disclosed in the Stockholders’ Equity section of the balance sheet. On
December 31, 2016, it would be disclosed as follows:
Exercise 15-22
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Solution
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Score:
ON