The unadjusted trial balance of Flint Inc. at its year ended December 31, 2020 had the...
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The unadjusted trial balance of Flint Inc. at its year ended December 31, 2020 had the following investments that are held for trading: Carrying Fair Amount Value Kirkland Inc. $2 non-cumulative preferred shares (2.200 shares) $ 88,000 $ 87,140 Liskeard Ltd. common shares (500 shares) 24,000 26.210 $112,000 $113,350 The following are transactions that occurred during 2021. Mar. 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares. June 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares. June 10 Sold 1.100 Kirkland Inc. preferred shares at $42.50 each. July 15 Received a cash dividend on the Liskeard Ltd. share of $3.50 per share. l Sept. 1 Dec. 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. At December 31, 2021, the Kirkland Inc. preferred shares were trading at $42.00 and the Liskeard Ltd. common shares were trading at $49.93. Record any necessary adjusting entry at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal piaces, eg. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 1350 1350 Record any necessary adjusting entry at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 1350 1350 Cash Investment in Associate Investments at FVTPL Short-Term Investments at FVTPL-Bonds Interest Revenue Investment Income or Loss nona 0034 10 Record the above transactions for 2021 and any required adjusting entries at December 31, 2021 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 1 Cash 4400 4400 June 1 Cash June 10 July 15 1750 1750 Sept. 1 Dec. 1 Dec. 31 > > > > > > > > > > > > > > > Record the above transactions for 2021 and any required adjusting entries at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 5,275. Record journai entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 1 Cash 4400 4400 June 1 Cash Cash June 10 Investment Income or Loss Interest Expense Investments at FVTPL Loss on Sale of FVTPL Investments Interest Revenue July 15 1750 1750 Sept. 1 Dec. 1 Dec. 31 > > > > The unadjusted trial balance of Flint Inc. at its year ended December 31, 2020 had the following investments that are held for trading: Carrying Fair Amount Value Kirkland Inc. $2 non-cumulative preferred shares (2.200 shares) $ 88,000 $ 87,140 Liskeard Ltd. common shares (500 shares) 24,000 26.210 $112,000 $113,350 The following are transactions that occurred during 2021. Mar. 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares. June 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares. June 10 Sold 1.100 Kirkland Inc. preferred shares at $42.50 each. July 15 Received a cash dividend on the Liskeard Ltd. share of $3.50 per share. l Sept. 1 Dec. 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. At December 31, 2021, the Kirkland Inc. preferred shares were trading at $42.00 and the Liskeard Ltd. common shares were trading at $49.93. Record any necessary adjusting entry at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal piaces, eg. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 1350 1350 Record any necessary adjusting entry at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 1350 1350 Cash Investment in Associate Investments at FVTPL Short-Term Investments at FVTPL-Bonds Interest Revenue Investment Income or Loss nona 0034 10 Record the above transactions for 2021 and any required adjusting entries at December 31, 2021 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 1 Cash 4400 4400 June 1 Cash June 10 July 15 1750 1750 Sept. 1 Dec. 1 Dec. 31 > > > > > > > > > > > > > > > Record the above transactions for 2021 and any required adjusting entries at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 5,275. Record journai entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 1 Cash 4400 4400 June 1 Cash Cash June 10 Investment Income or Loss Interest Expense Investments at FVTPL Loss on Sale of FVTPL Investments Interest Revenue July 15 1750 1750 Sept. 1 Dec. 1 Dec. 31 > > > >
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