Problem H-05 a-c Here is Oriole Company's portfolio of long-term stock investments at December 31, 2019,...

 

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Problem H-05 a-c Here is Oriole Company's portfolio of long-term stock investments at December 31, 2019, the end of its first year of operations. Cost $70,308 81,600 35,670 1,260 shares of Batone Inc. common stock 1,200 shares of Mendez Corporation common stock 870 shares of P. Tillman Corporation preferred stock On December 31, the total cost of the portfolio equaled the total fair value. Oriole had the following transactions related to the securities during 2020. Jan. 20 Sold 1,260 shares of Batone Inc. common stock at $57 per share. 28 30 Feb. 8 Purchased 370 shares of $10 par value common stock of P. Wahl Corporation at $79 per share. Received a cash dividend of $1.30 per share on Mendez Corporation common stock. Received cash dividends of $0.40 per share on P. Tillman Corporation preferred stock. Sold all 870 shares of P. Tillman preferred stock at $38 per share. 18 July 30. Received a cash dividend of $1.10 per share on Mendez Corporation common stock. Sept. 6 Purchased an additional 620 shares of the $10 par value common stock of P. Wahl Corporation at $75 per share. Dec. 1 Received a cash dividend of $1.40 per share on P. Wahl Corporation common stock. At December 31, 2020, the fair values of the securities were: Mendez Corporation common stock $63 per share P. Wahl Corporation common stock $72 per share Oriole uses separate account titles for each investment, such as Investment in Mendez Corporation Common Stock. Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered.Do not inden Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Cred Date Account Titles and Explanation Dec. 31 Show the balance sheet presentation at December 31, 2020. Oriole Company (Partial) Balance Sheet Debit Credit Problem H-05 a-c Here is Oriole Company's portfolio of long-term stock investments at December 31, 2019, the end of its first year of operations. Cost $70,308 81,600 35,670 1,260 shares of Batone Inc. common stock 1,200 shares of Mendez Corporation common stock 870 shares of P. Tillman Corporation preferred stock On December 31, the total cost of the portfolio equaled the total fair value. Oriole had the following transactions related to the securities during 2020. Jan. 20 Sold 1,260 shares of Batone Inc. common stock at $57 per share. 28 30 Feb. 8 Purchased 370 shares of $10 par value common stock of P. Wahl Corporation at $79 per share. Received a cash dividend of $1.30 per share on Mendez Corporation common stock. Received cash dividends of $0.40 per share on P. Tillman Corporation preferred stock. Sold all 870 shares of P. Tillman preferred stock at $38 per share. 18 July 30. Received a cash dividend of $1.10 per share on Mendez Corporation common stock. Sept. 6 Purchased an additional 620 shares of the $10 par value common stock of P. Wahl Corporation at $75 per share. Dec. 1 Received a cash dividend of $1.40 per share on P. Wahl Corporation common stock. At December 31, 2020, the fair values of the securities were: Mendez Corporation common stock $63 per share P. Wahl Corporation common stock $72 per share Oriole uses separate account titles for each investment, such as Investment in Mendez Corporation Common Stock. Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered.Do not inden Prepare the adjusting entry at December 31, 2020, to report the portfolio at fair value. (Cred Date Account Titles and Explanation Dec. 31 Show the balance sheet presentation at December 31, 2020. Oriole Company (Partial) Balance Sheet Debit Credit

Answer rating: 100% (QA)

Answer Journal entries Date Account titles and explanation 20Jan Cash 1200x558 Stock Investments Gai... View the full answer