Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance sheet provide Whispering, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,040 shares @ $14 each $14.560 Rogers Company

image text in transcribedBalance sheet provide

Whispering, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,040 shares @ $14 each $14.560 Rogers Company 900 shares @ $19 each 17,100 Chance Company 470 shares @ $9 each 4,230 Equity investments @cost 35.890 Fair value adjustment (7,180) Equity investments @fair value $28,710 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Whispering, Inc. sold 310 shares of Chance Company for $10 per share. On May 15, Whispering, Inc. purchased 90 more shares of Evers Company stock at $16 per share. 3. 4. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $8. During 2021, the following transactions took place. 5. On February 1. Whispering, Inc. sold the remaining Chance shares for $8 per share. 6. On March 1, Rogers Company paid a $2 per share dividend. 7. On December 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31, 2021, the stocks had the following price per share values: Evers $19 and Rogers $20. (b) Prepare a partial balance sheet showing the investment-related amounts to be reported at December 31, 2020 and 2021. Whispering, Inc. Balance Sheet (Partial) December 31, 2020 December 31, 2021 $ NOTE for reference part 1 answer is found here: httrac. //imgur.comlemias

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Edmonds, old, Mcnair, Tsay

2nd edition

9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555

More Books

Students also viewed these Accounting questions