NOTE - PART B IS REQUIRED

During 2021, Benton Financial Corporation had the following trading investment transactions:

Feb.	1		Purchased 550 CBF common shares for $33,000.
Mar.	1		Purchased 800 RSD common shares for $24,800.
Apr.	1		Purchased 7% MRT bonds at face value, for $59,800. Benton received interest from these bonds semi-annually on April 1 and October 1.
July	1		Received a cash dividend of $3 per share on the CBF common shares.
Aug.	1		Sold 220 CBF common shares at $59 per share.
Oct.	1		Received the semi-annual interest on the MRT bonds.
	1		Sold the MRT bonds for $61,600.
Dec.	30		RSD declared a dividend of $1.60 per share, payable on January 15 next year.
Dec.	31		The market prices of the CBF and RSD common shares were $56 and $32 per share, respectively.

(a)

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• Correct Answer

Partially correct answer iconYour answer is partially correct.

Record the above transactions, including any required adjusting entries, using the fair value through profit or loss model. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order presented in the question. Round answers to 0 decimal places, e.g. 5,250. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Aug. 1
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
	(To record interest on the MRT bonds.)
	(To record sale of MRT bonds.)
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31Dec. 30
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31

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(b)

Show how Kakisa would report the investments on the statement of financial position at December 31, 2021.

BENTON FINANCIAL CORPORATION Statement of Financial Position (Partial) December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
		$

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List of Accounts

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