Question
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,700 and $165,600 at December 31,
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,700 and $165,600 at December 31, 2017 and 2018, respectively. During 2018 Clor recognized $75,150 of net income and paid dividends of $20,500. Assuming that Bloomfield owned the same percentage of Clor throughout 2018, their percentage ownership must have been (Round your answer to the nearest whole percent): Hawk Corporation purchased 10,000 Diamond Corporation bonds in 2015 for $53 per bond and classified the investment as securities available for sale. The value of the Diamond investment was $89 per bond on December 31, 2016, and $100 on December 31, 2017. During 2018, Hawk sold all of its Diamond investment at $141 per bond. In its 2018 income statement, Hawk would report: On January 12th, 2018 Jefferson Corporation purchased bonds of Rose Corporation for $73 million and classified the securities as available-for-sale. On December 31st, 2018 these bonds were valued at $67 million. Eight months later, on October 3rd, 2019 Jefferson Corporation sold these bonds for $87 million. As part of the multi-step approach to record the 2019 transaction, Jefferson Corporation should first update the fair value adjustment on the date of sale by recording
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