Question: Refer to the data provided in E8-8. a. Assume that the stock of Thayers International and Bayhe Enterprises is considered marketable, and Mystic Lakes Food

Refer to the data provided in E8-8.
a. Assume that the stock of Thayers International and Bayhe Enterprises is considered marketable, and Mystic Lakes Food Company wishes to hold all investments indefinitely. Prepare journal entries to record the transactions.
b. Assume that on December 31, 2011, the market values of Thayers international and Bayhe Enterprises are $25 and $32, respectively. Prepare the entry to adjust the company’s long-term investments to market value.

Step by Step Solution

★★★★★

3.40 Rating (184 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a 1 AvailableForSale Securities A 260000 Cash A 260000 Invested in Thayers Intern... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

61-B-A-I-A (761).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Refer to the data provided in Exercise 10-35. Required: 1. Prepare a journal entry for the purchase of raw materials. 2. Prepare a journal entry for the issuance of raw materials. 3. Prepare a...

Refer to the data provided in E 17-19. Projected Benefit Obligation ($ in millions) Balance, January 1, 2018...............................................................$480 Service...

Refer to the data provided in E 21-25 for Clear Transmissions Company. E 21 - 25 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Clear...

Refer to the data provided in E8-8. REQUIRED: a. Assume that the stock of Thayers International and Bayhe Enterprises is considered mar ketable, and Mystic Lakes Food Company wishes to hold all...

Question ? 1 On January 1, 2002, ABC Corporation reports the following information pertaining to its For the year ended December 31, 2002, ABC Corporation had credit sales of $100,000. Collections...

Question ? 1 On January 1, 2002, ABC Corporation reports the following information pertaining to itsFor the year ended December 31, 2002, ABC Corporation had credit sales of $100,000.Collections for...

Mystic Lakes Food Company began investing in equity securities for the first time in 2017. During 2017, the company engaged in the following transactions involving equity securities. Assume that the...

Mystic Lakes Food Company began investing in equity securities for the first time in 2020. During 2020, the company engaged in the following transactions involving equity securities. Assume that the...

I have an assignment due and last time you really helped. Wondering if you can take a look Financial Statement Attached. Also link to article...

Financial Statement Attached. Also link to article http://www.wsj.com/articles/pension-funds-pile-on-the-risk-just-to-get-a-reasonable-return-1464713013 Assignment #2 Solution should be uploaded in a...

The Laplacian of a function (0,7) is given by: 1 84 0 + 7 00 Show that if a function 7 + 84 87 (5) f(2)= u(a, r) + iv(o, T) (6) is analytic, then both u(a,7), and v(a, 7) are harmonic functions, i.e....

How does market demand for a company like Netflix affect its net marketing contribution and operating income?

A budget is also a legal limitation on expenditures of governmental agencies. If governmental employees are asked about their agencies' needs for the coming fiscal period, what types of biases are...

A manager of a large corporation recommends a $10,000 raise be given to keep a valued subordinate from moving to another company. What internal and external sources of data might be used to decide...

The following multiple-choice problems are based on questions that appeared in past CFA examinations. a. A bond with a call feature: (1) Is attractive because the immediate receipt of principal plus...

Give an example of a specific sampling strategy that would yield a random sample of 100 students taken from the incoming freshman class of a state university. You may assume that you have the names...

The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2018, trial balances contained the following account information: The following...

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2011. Required: Prepare the necessary closing entries at December 31, 2011.

The Clarkson Company produces engine parts for car manufacturers. A new accountant intern at Clarkson has accidentally deleted the calculations on the companys variance analysis calculations for the...

The 1996 and 1997 financial statements of Kens Sportswear follow. Balance Sheet 1997 1996 Assets Cash $ 9,000 $ 7,000 Accounts receivable 12,000 9,000 Inventory 18,000 15,000 Long-lived assets (net)...

E33 (Analyzing financial statements) The chief executive officer of Ginnys Fashions has included the following financial statements in a loan application submitted to Priority Bank. The company...

E3-2 (Analyzing financial statements) Excerpts from the financial statements of Mayberry are provided below. 1997 1996 1995 Balance Sheet Current assets $40,000 $44,000 $ 47,000 Long-term assets...

An investor is in the 28% federal tax bracket, pays an 9% state tax rate and 4% in local income taxes. For this investor a municipal bond paying 7% interest is equivalent to a corporate bond paying...

Orlando has outgrown its Citrus Bowl stadium and has not been invited to host the best of College Football Championship games because of it. If a public works project (a very long term commitment)...

Do not edit the main.py file. I only need to work on the hill_climbing.py file. Modify so that it does hill climbing with random restarts and simulated annealing. Modify it to the below-mentioned...