Question: I need help with requirement 2, specifically the last line that asks for total other revenue (expenses). Please help i don't know how to calculate

I need help with requirement 2, specifically the last line that asks for total other revenue (expenses). Please help i don't know how to calculate that last line
I need help with requirement 2, specifically the last line that asks
for total other revenue (expenses). Please help i don't know how to

American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2021, gains from selling trading securities totaled \$8 million, losses from selling trading securities were \$11 million, and the company had earned $5 million in interest revenue. The following selected transactions relate to American's investments in trading securities and equity securities during December 2021, and the first week of 2022 . The company's fiscal year ends on December 31. No trading securities or equity investments were held by American on December 1, 2021. Assume that the bonds are purchased at face value. 2021 Dec. 12 Purchaned FFsG Corporation bonds for $12 nillion. 13 Purchased 2 thil1ion sharen of Verry Tntercomminications connon stock for $22 mil11lon. Anerlean doen net have Bigniticant influence over Ferry" = operationa or polteies. 13 Hold the PFiG Corporation bonds for 512,1 mil1ion. 22 Purchaned 0,5 . Treaeury bilin for $56 mil1ion and Treanury bonde for 565 mil11on. 2) Sold half the nhares of Ferty Intercommunieations eormon ntock for 510 inil1ion. 26 sold the U, D. Treasury bit1s for $57 mil1ion. 27 fiold the Treathry bonds for 563mil1 fon. 2 8 Theeived cash dividendi of 5200,000 from the Ferry Intercommanicatione conmon atoek ahazes. 11 Recorded any neceseary adjusting entry relating to the remaining investent, 7he market price of the Ferry Interconmcations etock wan. 410 per share. 2022 Jan. 2 Sold the remoining Ferry Intercommaications conthon stock ahares for $10.2 million. 5 Purchased Karebouse Designs Corporation bonde for $34 mililion. Required: 1. Prepare the appropriate journal entry for each transaction or event during 2021 including any year-end adjusting entries. 2. Indicate any amounts that American would report in its 2021 balance sheet and income statement as a result of these investrients. 3. Prepare the appropriste journal entry for each transaction or event during 2022. 5.2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!