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Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells
Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities The following selected transactions relate to Amalgamated's investment activities during the last quarter of and the first month of The only securities held by Amalgamated at October were $ million of bonds of Kansas Abstractors, Incorporated purchased on May at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December October Purchased million shares of Millwork Ventures Company common stock for $ million. Millwork has a total of million shares issued. October Received semiannual interest of $ million from the Kansas Abstractors bonds. November Purchased zonds of Holistic Entertainment Enterprises at their $ million face value, to be held until they mature in Semiannual interest is payable April and october November Sold the Kansas Abstractors bonds for $ million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously. December Purchased bonds of Household Plastics Corporation at their $ million face value, to be held until they mature in Semiannual interest is payable May and November December Purchased U S Treasury bonds for $ million as trading securities hoping to earn profits on shortterm differences in prices. December Purchased million shares of NXS Corporation's million shares of common stock for $ million, planning to hold these shares until market conditions encourage their sale. December Sold the Treasury bonds for $ million. December Received cash dividends of $ million from the Millwork Ventures Company shares of common stock. December Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company common stock was $ per share and $ per share for the NXS Corporation common stock. The fair values of the bond investments were $ million for Household Plastics Corporation and $ million for Holistic Entertainment Enterprises. January Sold the NXS Corporation common stock shares for $ million. Required: Prepare the appropriate journal entry for each transaction or event. Use one summary entry on December to adjust the portfolio of equity investments to fair value. Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to decimal place, ie should be entered as I do not need the entire problem done. There are only a few blanks i need help with. Prey of Next
Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities The following selected transactions relate to Amalgamated's investment activities during the last quarter of and the first month of The only securities held by Amalgamated at October were $ million of bonds of Kansas Abstractors, Incorporated purchased on May at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December
October Purchased million shares of Millwork Ventures Company common stock for $ million. Millwork has a total of million shares issued.
October Received semiannual interest of $ million from the Kansas Abstractors bonds.
November Purchased zonds of Holistic Entertainment Enterprises at their $ million face value, to be held until they mature in Semiannual interest is payable April and october
November Sold the Kansas Abstractors bonds for $ million because rising interest rates are expected to cause their fair value to continue to fall. No unrealized gains and losses had been recorded on these bonds previously.
December Purchased bonds of Household Plastics Corporation at their $ million face value, to be held until they mature in Semiannual interest is payable May and November
December Purchased U S Treasury bonds for $ million as trading securities hoping to earn profits on shortterm differences in prices.
December Purchased million shares of NXS Corporation's million shares of common stock for $ million, planning to hold these shares until market conditions encourage their sale.
December Sold the Treasury bonds for $ million.
December Received cash dividends of $ million from the Millwork Ventures Company shares of common stock.
December Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Company common stock was $ per share and $ per share for the NXS Corporation common stock. The fair values of the bond investments were $ million for Household Plastics Corporation and $ million for Holistic Entertainment Enterprises.
January Sold the NXS Corporation common stock shares for $ million.
Required:
Prepare the appropriate journal entry for each transaction or event. Use one summary entry on December to adjust the portfolio of equity investments to fair value.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to decimal place, ie should be entered as
I do not need the entire problem done. There are only a few blanks i need help with.
Prey
of
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