Prepare the journal entry to record the sale of the Bilby Corp. shares during 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entryis required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebitAccount Titles and ExplanationPrepare the adjusting journal entry needed on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts.)CreditDebitCredit On December 31, 2019, Novak Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking:InvestmentsMoonstar Corp. sharesBilby Corp. shares.Radius Ltd. sharesTotal portfolioDecember 31, 2019Carrying Amount$20,00010,00019,800$49,800Fair Value$18,8008,90020,400$48,100During 2020, the Bilby Corp. shares were sold for $9,500. The fair values of the securities on December 31, 2020, were as follows: Moonstar Corp. shares $19,900 and Radius Ltd. shares$20,300. The company does not recognize and report dividends and other components of investment gains and losses separately.Prepare the adjusting journal entry needed on December 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebitCredit

Adjusting Entries Adjusting journal entries made at the end of the fiscal…

Answered: On December 31, 2019, Novak Corp.…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18P

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At December 31, 2021, Blossom Company has an equity portfolio valued at $121000. Its cost was $106000. If the Securities Fair Value Adjustment has a debit balance of $6700, which of the following journal entries is required at December 31, 2021?
PAPASAKAYA Corporation began operations on January 11, 2020. At December 31, 2020, PAPASAKAYA had the following investment portfolios of equity securities: In its 2020 income statement, what amount should PAPASAKAYA report as unrealized gain (loss) on equity securities?
Show the balance sheet presentationof the investments at December 31,2019.At this date,Ramey Associates has common stock TK.15,00,000 and retained earnings TK.10,00,000.
Required: 1. The carrying value of investment in King Inc. shares in 2019 is? 2. How much should be reported another comprehensive income/loss in the statement of comprehensive income for 2019 in relation to the investments? Thank you! Please answer complete
At December 31, 2020, the available-for-sale debt portfolio for Novak Corp. is as follows. Securities Good Co. Bonds Home Co. Bonds Grand Inc. Debentures Cost (a) $28,800 31,700 36,700 97,200 Fair Value $26,600 Account Titles and Explanation 33,700 37,800 98,100 Unrealized Gain (Loss) $(2,200 ) 2,000 1,100 Before an adjusting entry on December 31, 2020, the fair value adjustment account contained a credit balance of $470. Novak Corp. reported net income of $80,100 for 2020. 900 Prepare the adjusting entry at December 31, 2020, 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 O for the amounts.) Debit Credit
Metlock Corporation has the following trading portfolio of debt investments as of December 31, 2020. Security Cost A $16,340 B 18,920 C (a) 29,240 $64,500 (b) Fair Value $12,900 On January 22, 2021, Metlock Corporation sold security C for $27,520. List of Accounts 23,220 Prepare the adjusting entry for Metlock Corporation on December 31, 2020, to report the portfolio at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.) Save for Later 24,940 $61,060 eTextbook and Media Date Account Titles and Explanation Dec. 31 METLOCK CORPORATION Balance Sheet (Partial) METLOCK CORPORATION Income Statement (Partial) Debit Indicate the balance sheet and income statement presentation of the fair value data for Metlock Corporation at December 31, 2020. $ Credit Attempts: unlimited Submit Answer
In 2019, Mickey Mouse Company purchased trading securities for P2,000,000. In the year ending 2019, Mickey Mouse recognized unrealized gain of 300,000.Below is the composition of the composition of the portfolio of trading securities in December 2020. security cost market a 400,000 700,000 b 850,000 1,000,000 c 750,000 500,000 What amount of unrealized gain or loss should be reported by Mickey Mouse Company in the year 2020?
Refer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.
Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
Investments in Equity Securities Noonan Corporation prepares quarterly financial statements and invests its excess funds in marketable securities. At the end of 2018, Noonans portfolio of investments consisted of the following equity securities: Dunne the first half of 2019, Noonan engaged in the following investment transactions: Required: 1. Record Noonans investment transactions for January 6 through June 30, 2019. 2. Show the items of income or loss from investment transactions that Noonan reports for each of the first and second quarters of 2019. 3. Show how the preceding items are reported on the first and second quarter 2019 ending balance sheets, assuming that management expects to dispose of the Keene and Sachs securities within the next year.
Capital Stock Refer to the information for Stahl Company above. Required: What is the amount of Stahls total contributed capital at December 31, 2019?
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss

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