Activet Corporation, a Canadian-based international company that follows IFRS, including IAS 39, has the following securities in
Question:
In 2014, Activet completed the following securities transactions:
Mar. 1 Sold the 1.500 shares of David Jones Inc. common at $45 per share, less fees of $500.
Apr. 1 Bought 700 shares of Oberto Ltd. common at $75 per share, plus fees of $1,300.
Activet Corporation's portfolio of trading securities appeared as follows on December 31, 2014:
Instructions
Prepare the Activet Corporation general journal entries for the following asswning the company does not recognize and report dividends and other components of investment gains and losses separately:
(a) The December 31, 2013 adjusting entry
(b) The sale of the David Jones Inc. shares
(c) The purchase of the Oberto Ltd. shares
(d) The December 31, 2014 adjusting entry
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
Step by Step Answer:
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,