During Year 1, its first year of operations, Galileo Company purchased twn avariable-for-sale investments as follows:...

 

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During Year 1, its first year of operations, Galileo Company purchased twn avariable-for-sale investments as follows: Security Shares Purchased Hawking Inc Pavlov Co. Assume that es of December 31, Year 1, the Hawking Inc. stuck had a market value of $49 per share and the Paviev Co stock had a market value of $39 per share. Galileo Company had net income of $225,000 and paid no dividends for the year ending December 31, Year 1. All of the available for sale investments are classified as current assets 200 1,900. Assets Current Assets a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments Galileo Company Balance Sheet (selected items) December 31, Year 1 Cost $29,050 41,040 b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized gain [soas) for the available-for-sale investments Galileo Company Balance Sheet (selected Stockholders' Equity items) December 31, Year 1 Stockholders Equity 00 During Year 1, its first year of operations, Galileo Company purchased twn avariable-for-sale investments as follows: Security Shares Purchased Hawking Inc Pavlov Co. Assume that es of December 31, Year 1, the Hawking Inc. stuck had a market value of $49 per share and the Paviev Co stock had a market value of $39 per share. Galileo Company had net income of $225,000 and paid no dividends for the year ending December 31, Year 1. All of the available for sale investments are classified as current assets 200 1,900. Assets Current Assets a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments Galileo Company Balance Sheet (selected items) December 31, Year 1 Cost $29,050 41,040 b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized gain [soas) for the available-for-sale investments Galileo Company Balance Sheet (selected Stockholders' Equity items) December 31, Year 1 Stockholders Equity 00

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Galio Company Balance Sheet Partial as on 31 Dec Asset Current Asset Available for Sale invest... View the full answer