The unadjusted trial balance of Sheffield Inc. at its year ended December 31, 2020 had the...
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The unadjusted trial balance of Sheffield Inc. at its year ended December 31, 2020 had the following investments that are held for trading: Carrying Amount Kirkland Inc. $2 non-cumulative preferred shares (2,200 shares) $88,000 Liskeard Ltd, common shares (500 shares) The following are transactions that occurred during 2021. Mar. 1 June 1 Fair Value $ 87,330 24,000 26,390 $112,000 $113,720 June 10 July 15 Sept. 1 Dec. 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares Received the quarterly cash dividend on the Kirkland Inc. preferred shares. Sold 1.100 Kirkland Inc. preferred shares at $42.75 each. Received a cash dividend on the Liskeard Ltd. share of $2.75 per share. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. At December 31, 2021, the Kirkland Inc. preferred shares were trading at $42.25 and the Liskeard Ltd. common shares were trading at $49.80. App M Gallibe Maps Sept. 1 Dec. 1 Received the quarterly cash dividend on the Kirkland Inc preferred shares. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. At December 31, 2021, the Kirkland Inc. preferred shares were trading at $44.25 and the Liskeard Ltd. common shares were trading at $49.58. Date Account Titles and Explanation Dec. 31, 2020 Ⓒ Record any necessary adjusting entry at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg. 5,275.) Credit Debit Data 02:11:37 Hide Timer Record the above transactions for 2021 and any required adjusting entries at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,275 Record journal entries in the order presented in the problem.) Apps Mimad YouTube Maps Record the above transactions for 2021 and any required adjusting entries at December 31, 2021. (Credit account titles are automatically indented when the are entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 dec 02:11:25 Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit The unadjusted trial balance of Sheffield Inc. at its year ended December 31, 2020 had the following investments that are held for trading: Carrying Amount Kirkland Inc. $2 non-cumulative preferred shares (2,200 shares) $88,000 Liskeard Ltd, common shares (500 shares) The following are transactions that occurred during 2021. Mar. 1 June 1 Fair Value $ 87,330 24,000 26,390 $112,000 $113,720 June 10 July 15 Sept. 1 Dec. 1 Received the quarterly cash dividend on the Kirkland Inc. preferred shares Received the quarterly cash dividend on the Kirkland Inc. preferred shares. Sold 1.100 Kirkland Inc. preferred shares at $42.75 each. Received a cash dividend on the Liskeard Ltd. share of $2.75 per share. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. At December 31, 2021, the Kirkland Inc. preferred shares were trading at $42.25 and the Liskeard Ltd. common shares were trading at $49.80. App M Gallibe Maps Sept. 1 Dec. 1 Received the quarterly cash dividend on the Kirkland Inc preferred shares. Received the quarterly cash dividend on the Kirkland Inc. preferred shares. At December 31, 2021, the Kirkland Inc. preferred shares were trading at $44.25 and the Liskeard Ltd. common shares were trading at $49.58. Date Account Titles and Explanation Dec. 31, 2020 Ⓒ Record any necessary adjusting entry at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg. 5,275.) Credit Debit Data 02:11:37 Hide Timer Record the above transactions for 2021 and any required adjusting entries at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,275 Record journal entries in the order presented in the problem.) Apps Mimad YouTube Maps Record the above transactions for 2021 and any required adjusting entries at December 31, 2021. (Credit account titles are automatically indented when the are entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 dec 02:11:25 Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit Credit
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BANK AC TO DIVIDEND INCOME DIVIDEND PER QUARTER 2412052200 S... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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