Tiffany Company completed these long-term available-for-sale investment transactions during 2014: 2014 Apr 10 Purchased 600 shares of

Question:

Tiffany Company completed these long-term available-for-sale investment transactions during 2014:
2014
Apr 10 Purchased 600 shares of Byson stock, paying $17 per share. Tiffany Company intends to hold the investment for the indefinite future.
Jul 22 Received a cash of $1.24 per share on the Byson stock.
Dec 31 Adjusted the Byson investment to its current market value of $5,500.Dec 31
1. Journalize Tiffany Company’s investment transactions. Explanations are not required.
2. Assume the Byson Co. stock is Tiffany Company’s only investment. Explain how these transactions will be reflected on Tiffany Company’s income statement and its statement of other comprehensive income.
3. Show how to report the investment and any unrealized gain or loss on Tiffany Company’s at December 31, 2014. Ignore income tax.

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