Question: Hayes Company sold 10 000 shares of Kenyon Co that it
Hayes Company sold 10,000 shares of Kenyon Co. that it bought in question 14 for $27.50 per share, incurring $1,770 in brokerage commissions. The carrying value of the investment is $260,000. Prepare the entry to record the sale of this investment.
Answer to relevant QuestionsDistinguish between the accounting treatment for non trading equity investments and trading equity investments.Briefly describe the unresolved issues related to fair value accounting.Cleveland Company has a non-trading equity investment portfolio valued at $4,000. Its cost was $3,300. If the Securities Fair Value Adjustment account has a debit balance of $200, prepare the journal entry at year-end.At December 31, 2010, the equity investment portfolio for Wenger, Inc. is as follows.On January 20, 2011, Wenger, Inc. sold investment Afor $15,300. The sale proceeds are net of brokerage fees. Instructions(a) Prepare the ...The following information relates to the debt investments of Wildcat Company.1. On February 1, the company purchased 10% bonds of Gibbons Co. having a par value of $300,000 at 100 plus accrued interest. Interest is payable ...
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