Problem h-03 a - c, financial ccounting.

Problem H-03 a-c On December 31, 2019, the end of its first year of operations, Cullumber Associates owned the following securities that are held as long-term investments. Cost Shares 990 Common Stock c Co. D Co. E Co. 5,330 1,315 $43,560 39,442 26,300 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2020, the following transactions occurred. July 1 Aug. Sept. Oct. 1 Received $2 per share semiannual cash dividend on D Co. common stock. Received $0.50 per share cash dividend on C Co. common stock. Sold 990 shares of D Co. common stock for cash at $8 per share. Sold 290 shares of C Co. common stock for cash at $52 per share. Received $1 per share cash dividend on E Co. common stock. Received $0.50 per share cash dividend on C Co. common stock. Received $2.20 per share semiannual cash dividend on D Co. common stock. Nov. Dec. 15 31 At December 31, the fair values per share of the common stocks were C Co. $43, D Co. $7.20, and E Co. $24. These investments should be classified as long-term. Journalize the 2020 transactions (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Activate Windows Go to Settings to activate Windows, Post to the account Stock Investments. Stock Investments Prepare the adjusting entry at December 31, 2020, to show the securities at fair value. Cullumber has less than a 20% ownership interest in all these common stocks (C Co., D Co., and E Co.). (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Show the balance sheet presentation of the investments at 2020. These investments should be classified as long-term. At this date, Cullumber Associates has common stock $2,046,000 and retained earnings $1,181,000. Cullumber Associates (Partial) Balance Sheet $ Activate Windows