Question

Kennedy Company has the following portfolio of trading investments at December 31, 2010.


On December 31, 2011, Kennedy’s portfolio of equity investments consisted of the following investments.


At the end of year 2011, Kennedy Company changed the classification of its investment in Frank, Inc. to non-trading when the shares were selling for $8 per share.

Instructions
(a) What should be reported on Kennedy’s December 31, 2010, statement of financial position relative to these equity investments?
(b) What should be reported on the face of Kennedy’s December 31, 2011, statement of financial position relative to the equity investments? What should be reported to reflect the transactions above in Kennedy’s 2011 incomestatement?


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  • CreatedJune 17, 2013
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