Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume that the company does not recognize and report dividends and other components of investment gains and losses separately. please help I cant figure out
Assume that the company does not recognize and report dividends and other components of investment gains and losses separately. please help I cant figure out the right numbers
Bramble Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2019: Carrying Amount (before adjustment) Investments Fair Value 1,200 shares of David Jones Inc., common $59,800 $55,200 5,000 shares of Hearn Corp., common 165,000 159,000 370 shares of Alessandro Inc., preferred 55,500 58,000 $280,300 $272,200 In 2020, Bramble completed the following securities transactions: Mar. 1 Sold the 1,200 shares of David Jones Inc. common at $43 per share, less fees of $500. Apr. 1 Bought 900 shares of Oberto Ltd. common at $74 per share, plus fees of $1,000. Bramble Corporation's portfolio of trading securities appeared as follows on December 31, 2020: Investments Original Cost Fair Value 5,000 shares of Hearn Corp., common $165,000 $159,000 900 shares of Oberto Ltd., common 66,600 64,400 370 shares of Alessandro Inc., preferred 55,500 53,600 $287,100 $277,000 (c) Your answer is partially correct. Prepare the Bramble Corporation general journal entry to record the purchase of the Oberto Ltd. shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit FV-NI Investments Investment Income or Loss Cash 67,600Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started