Assume Knowlton Holdings Ltd. completed these long-term non-strategic investment transactions during 2017: 2017 Feb. 10 Purchased 300
Question:
2017
Feb. 10 Purchased 300 shares of BCE, paying $25 per share.
Knowlton intends to hold the investment for the indefinite future.
Dec. 1 Received a cash dividend of $0.36 per share on the BCE shares.
Dec. 31 Adjusted the BCE investment to its current fair value of $7,000.
1. Journalize Knowlton's investment transactions assuming the company reports any changes in fair value through other comprehensive income. Explanations are not required.
2. Show how to report the investment and any unrealized gain or loss on Knowlton's balance sheet at December 31, 2017. Ignore income tax?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For 
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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