Question: PLEASE ANSWER THE COMPLETE QUESTION. DO NOT SKIP ANY PARTS. ANSWER EACH PART STEP BY STEP. EXPLAIN HOW YOU ARRIVED AT THE ANSWER. I need

PLEASE ANSWER THE COMPLETE QUESTION. DO NOT SKIP ANY PARTS. ANSWER EACH PART STEP BY STEP. EXPLAIN HOW YOU ARRIVED AT THE ANSWER. I need clear, handwritten solutions

On March 31, 2016 Colby Labs, Inc. purchased 3,000 shares of Pheasant Corp common stock for S10 per share. On September 30, 2016, Colby Labs received a $1.00 per share dividend. The fair value of the stock was S11 per share and $8 per share on December 31, 2016 and December 31, 2017, respectively. Pheasant Corp reported net income of $.35 and $.45 per share for 2016 and 2017 respectively Required l. Provide the journal entries for the following transactions, assuming: the investment is classified as an available-for-sale security (AFS) the investment is classified as a trading security (TS) Colby Labs owns 30% of all outstanding shares of Pheasant Corp a. Purchase of the securities, 3/31/16 b. Receipt of dividend, 9/30/16 c. Year-end adjusting entries at 1231/16. d. Year-end adjusting entries at 12/31/17. e. Sale of all shares, 4/1/2018. Assume the sale price was $23,000. 2. For each method, calculate the total income or loss recognized on the income statement over the life of the investment

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!

PLEASE ANSWER THE COMPLETE QUESTION. DO NOT SKIP ANY PARTS. ANSWER EACH PART STEP BY STEP. EXPLAIN HOW YOU ARRIVED AT THE ANSWER Amazon.com, Inc. is a multinational E-commerce company that earns...

PLEASE ANSWER THE COMPLETE QUESTION. DO NOT SKIP ANY PARTS. ANSWER EACH PART STEP BY STEP. EXPLAIN HOW YOU ARRIVED AT THE ANSWER Zack Clinic is seeking to provide sports related health care services...

Please ONLY ANSWER IF YOU KNOW AND EXPLAIN IN DETAILS, OTHERWISE I FLAG IT TO THE MODERATOR AND DOWNVOTE AND I WILL SEND AN EMAIL TO CUSTOMER SERVICE, thanks Please answer all the questions; please...

Hi there, Please answer all the questions; please don't skip any subparts. May you explain all the formulas needed where appropriable and definitely theories behind them first. Feel free to make any...

The new line character is utilized solely as the last person in each message. On association with the server, a client can possibly (I) question the situation with a client by sending the client's...

The resulting bar chart shows that when HMK is the AR Clerk and FKL is the Cash Receipts Clerk, CT is the GL Accounting Clerk for $226,851 of current AR balances. However, there are $25,352 of...

Note: these reference for this work. 1. Reference one: Checklist: How to Write an Effective IRAC Response Step 1: Task Understanding o Read the Instructions carefully [Read the Marking Rubric o Read...

Blackmon Company reported net income of $805,000 and cost of goods sold of $1,525,000 on its 2009 income statement. In addition, Blackmon reported an increase in inventory of $65,000, a decrease in...

One of the classic X-linked traits is hemophilia, a disease where blood fails to clot properly. In addition to the classical hemophilia A, some of the well known X-linked recessive genes include...

OK risky acid has expected return of 0.11 and a standard deviation of 0.15 a T bill has a reader return of .05 what percentages of your money must be invested in the risky asset and the risk free...

Discuss several ways ( at least four ways ) to improve the requirement process and thus, a project team can avoid a situation where too many changes to the project requirements occur at the later...

1. Many inspirational speakers attempt to take the audience on an emotional journey. They try to erase cynicism and complacency and get employees fired up about their jobs. Do you think organizations...

2. Your goals play a key role in bringing purpose and direction to your life. Identify the short-term goals that are currently influencing your behavior. What long-term goals do you hope to achieve...

2. Lets assume you are a member of a productive team that has received considerable praise from top management. You learn that one member of the team has met with the manager who organized the team...