Berard Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 2014, are as follows: Issuing Company Cost Fair Value $23,800 21,700 Chadwick Ca. 36.000 33,700 $59,800 $55.400 The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co. The following selected transactions occurred during 2075: Jan 2 Purchased $2,000 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. Buna 30. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Oct. 1. Purchased $36,000 of Nightline Co. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on October 1 and April 1. Dividends of $10,000 are received on the Jolly Roger Co. investment. Det. 31. Jolly Roger Co. reported a total net income of $89,000 for 2045, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Accrued 3 months of interest on the Nightline bonds. Adjusted the available-for-sale investment portfolio to fair value, using the following fair values: 31 31 31 Issuing Company Fair Value Bemard Co 122,100 Chadwick on 31,000 Gear Inc 54,000 For the year ending December 31, 2045, O'Brien Industries Inc. reported net income of $149,000 and paid no dividends. Required: The comparative unclassified balance sheets for December 31, 2014 and 2045 are provided below. Selected balances are missing. Determine the missing amounts. Use 31 interest on June 30 and December 31. June 0 Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Oct. 1. Purchased $36,000 of Nightline Co. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on October 1 and April 1. Dividends of $10,000 are received on the Jolly Roger Co. investment Dec. 31. Jolly Roger Co. reported a total net income of $89,000 for 2085, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Accrued 3 months of interest on the Nightline bonds. Adjusted the available for sale investment portfolio to fair value, using the following fair values: Issuing Company Fair Value $22,100 Chanicko 31.000 Gear Inc 54,000 Nightline For the year ending December 31, 2045, O'Brien Industries Inc. reported net income of $149,000 and paid no dividends. Required: The comparative unclassified balance sheets for December 31, 2014 and 2075 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round final answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 2015 2010 Available for Sale investments at Cost) Valuation Alowance for Available for Sale investments Available for Sale Investments (ar Value) Interest Receivable Investment in Joy Roger Co Stock Office Equipment Total Assets Accounts Payable 560,600 100.000 108.100 $505.200 564,500 558.100 55,600 55.600 176.800 175,000 219.100 Excess of sue rice Over Retained in Und Gain (Loss) on Available for Sale Investments Total Liabilities and Stockholders' Equity 5505.200
