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7. (12 points) ABC Company has the following securities in its portfolio of equity securities on December 31, 2022. All securities were purchased in 2022

7. (12 points) ABC Company has the following securities in its portfolio of equity securities on December 31, 2022. All securities were purchased in 2022 and represent less than 20% ownership of the company. During 2022, ABC received dividends from Dora, Inc. of $0.50 per share. 1,200 Shares of Dora, Inc. 2,500 shares of Boots, Inc. 12/31/2022 Total of Equity Invest. Cost 12/31/22 Delta Fair Value $260,500 $272,000 $11,500 $100,000 $105.600 $5.600 $360,500 $377,600. $17,100 a) (3 pts) Identify what would be reported (specify the account name and dollar amount) in the 2022 (year 1) financial statements. BIS Investment 377,600 IIS: Gain (unrealiz, NI) 17,100 Divid Rev 1,850 b) (3 pts) On October 21st, 2023, ABC sold 1,500 shares of Boots, Inc. at $55 per share. Provide the journal entry related to the October 2023 sale of the Boots stock. Dr. cosh 82,5000 cr. Gain 81,750 (I) cv. Invest 750 ABC Company's portfolio of securities appeared as follows on December 31, 2023. Cost 12/31/232 Fair Value Delta 1,200 Shares of Dora, Inc. 1,000 shares of Boots, Inc. $260,500 $250,500 $ 40.000 12/31/2023 Total of Equity Invest. $ 53.900 $300,500 $304,400 $(10,000) $13.900 $ 3,900 c) (6 pts) Identify what would be reported (specify the account name and dollar amount the 2023 (year 2) financial statements. BIS Investment 304,400. I/S: Gain (unrealib, NI) 17,100 Gain on Sale $1,750

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