1) Styles Enterprises purchased 15% of the outstanding stock of Del Ray Company. Styles paid $10 per share to acquire 10,000 shares and will treat this purchase as available-for-sale securities. Par value of the stock is $1. Styles uses a calendar year, and on December 31, the market value of Del Ray stock is $12 per share. What is the entry Styles needs to make on December 31?

a) debit available-for-sale securities, $20,000; credit unrealized gain on available-for-sale securities, $20,000.

b) debit available-for-sale securities, $10,000; credit unrealized gain on available-for-sale securities, $10,000.

c) debit unrealized gain on available-for-sale securities, $20,000; credit available-for-sale securities, $20,000.

d) no entry is required because the stock has not been sold

2) March 1, 2021, Swift Company's beginning work in process inventory had 10,000 units. This is its only production department. Beginning WIP units were 50% completed as to conversion costs. Swift introduces direct materials at the beginning of the production process.During March, all beginning WIP was completed and an additional 17,500 units were started and completed. Swift also started but did not complete 9,500 units.These units remained in ending WIP inventory and were 60% completed as to conversion costs. Swift uses the weighted average method. determine for March 2021 the equivalent units of production for conversion costs.

32,200

33,200

32,000

23,200

3) On January 1, 2021, Bowie Inc. issued $150,000, 20-year, 5% bonds at 105. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2021, is:

debit cash, $157,500; credit bonds payable, $150,000; credit premium on bonds payable, $7,500.

debit cash, $150,000; credit bonds payable, $150,000.

debit cash, $157,500; credit bonds payable, $157,500.

debit cash, $150,000; debit discount on bonds payable, $7,500; credit bonds payable, $157,500.

4) Cabello Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Cabello started into production 13,000 units. At the end of the month there were 11,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 50% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:

Direct Material$26,000

Direct Labor17,000

Factory Overhead10,000

Cabello uses the weighted-average process costing method.Determine the cost per equivalent unit of conversion for the month of March.

$2.20

$2.00

$2.25

$.82