Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were...
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Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were accounted for using the FV-OCI method: Fair Value per Share Percent Cost per Quantity Interest Share 2,200 shares 8% $11 5.400 shares 14% $16 21 17 4.400 shares. 2% 33 26 Frank Inc. Ellis Corp. Mendota Ltd. Early in 2021, Sarasota sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale. On December 31, 2021. Sarasota's portfolio consists of the following common shares: Fair Value per Share $25 25 20 Ellis Corp. Mendota Ltd, Kaptein Inc. Quantity 5,400 shares 4.400 shares 1.800 shares Assume that Sarasota reports net income of $162,600 for its year ended December 31, 2021, and that the company follows a policy of capitalizing transaction costs. Realized gains and losses on equity investments are reclassified from accumulated other comprehensive income directly to retained earnings. Percent Interest Cost 14% $21 2% 33 1% 23 What should be reported on Sarasota's December 31, 2020 statement of financial position for this long-term portfolio? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sarasota Corporation. Statement of Financial Position Long Term Investments Shareholders' Equity As at December 31, 2020 d - $ $ Sarasota Corporation had the following portfolio of investments at December 31, 2020, that qualified and were accounted for using the FV-OCI method: Fair Value per Share Percent Cost per Quantity Interest Share 2,200 shares 8% $11 5.400 shares 14% $16 21 17 4.400 shares. 2% 33 26 Frank Inc. Ellis Corp. Mendota Ltd. Early in 2021, Sarasota sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale. On December 31, 2021. Sarasota's portfolio consists of the following common shares: Fair Value per Share $25 25 20 Ellis Corp. Mendota Ltd, Kaptein Inc. Quantity 5,400 shares 4.400 shares 1.800 shares Assume that Sarasota reports net income of $162,600 for its year ended December 31, 2021, and that the company follows a policy of capitalizing transaction costs. Realized gains and losses on equity investments are reclassified from accumulated other comprehensive income directly to retained earnings. Percent Interest Cost 14% $21 2% 33 1% 23 What should be reported on Sarasota's December 31, 2020 statement of financial position for this long-term portfolio? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sarasota Corporation. Statement of Financial Position Long Term Investments Shareholders' Equity As at December 31, 2020 d - $ $
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Frank Inc Ellis Corp Mendota Ltd Quantity A 2200 5400 4400 LongTerm Investment Investment in Corpor... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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