GL1501 (Algo) - Based on Problem 15-4A LO P4 Haven Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. July 7 July 20 August 15 August 28 October 1 April 16 Purchased 5,000 shares of Kendall Company stock at $29 per share. Purchased 3,500 shares of OnPoint Company stock at $54 per share. Purchased 1,600 shares of Barcelona Company stock at $21 per share. Received an $1.20 per share cash dividend on the Kendall Company stock. Sold 3,000 shares of Kendall Company stock at $32 per share. Received a $4.80 per share cash dividend on the OnPoint Company shares. December 15 Received a $1.40 per share cash dividend on the remaining Kendall Company shares. December 31 Received a $4.20 per share cash dividend on the OnPoint Company shares. General Requirement General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Journal The year-end fair values per share are: Kendall Company, $30.00; OnPoint Company, $52.50; and Barcelona Company, $18.00. Calculate the total cost and total fair value of the available-for-sale portfolio as of December 31, and calculate the amount of the required year-end adjusting entry, if any. Cost of investments at December 31: # of Shares Cost Kendall Company stock OnPoint Company stock Barcelona Company Total cost Fair value of investments at December 31: # of Shares Kendall Company stock. 2,000 $ OnPoint Company stock 3,500 $ 1,600 $ Barcelona Company Total fair value Total unrealized gain/loss as of December 31: $ Determine what the unadjusted balance in the fair value adjustment equals: Determine what the adjusted balance in the fair value adjustment account should equal: Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2: Step 1: Step 2: Step 3: 2,000 3,500 1,600 $ $ 58,000 189,000 33,600 280,600 $ Fair value per share 30.00 52.50 18.00 $ 8,050 Unrealized loss Fair Value 60,000 183,750 28,800 272,550 Requirement Trial Balance Fair Value Adj Fin St Impact Journal Ledger Analysis For each transaction, Indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Show less A Change in Change in equity: Total assets As a component of not income As a direct component of stockholders' equity Total change in equity Apr. 16) Purchased 5,000 shares of Kendall Company stock at $29 per share. $ Jul. 7) Purchased 3,500 shares of OnPoint Company stock at $54 per share. Jul. 20) Purchased 1,600 shares of Barcelona Company stock at $21 per share. Aug. 15) Received an $1.20 per share cash dividend on the Kendall Company stock. 6,000 Aug. 28) Sold 3,000 shares of Kendall Company stock at $32 per share.. Oct. 1) Received a $4.50 per share cash dividend on the OnPoint Company shares. 16,800 Dec. 15) Received a $1.40 per share cash dividend on the remaining Kendall Company shares. 2,800 Dec. 31) Received a $4.20 per share cash dividend on the OnPoint Company shares. 14,700 Dec. 31) Adjusted the securities to year-end fair value. Totals 40,300 $ 0 0 0 0 0 0 0 0 0 0 General General Requirement Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Journal Ledger Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account titles reported on the income statement or as a component of stockholders' equity. On the transaction analysis tab, you indicated that total income changed by: $ 0 Select the income statement account balances that prove this amount: Total net income 0 0 0 0 0 0 0 0 0 0 General General Requirement Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Journal Ledger Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account titles reported on the income statement or as a component of stockholders' equity. On the transaction analysis tab, you indicated that total income changed by: $ 0 Select the income statement account balances that prove this amount: Total net income