Current Attempt in Progress Monty Ltd. had the following investment portfolio at January 1, 2023: Investment Quantity Cost per Share Fair Value at Dec. 31, 2022 Earl Corp. 950 $14.10 $10.70 Josie Corp. 930 19.10 15.70 Asher Corp. 500 8.20 6.30 During 2023, the following transactions took place: 1. On March 1, Josie paid a $2 per share dividend. 2. On April 30, Monty sold 300 shares of Asher for $9.10 per share. 3. On May 15, Monty purchased 200 more Earl shares at $15.10 per share. 4. At December 31, 2023, the shares had the following market prices per share: Earl $16.10; Josie $18.10; and Asher $7.10. During 2024, the following transactions took place: 5. On February 1, Monty sold the remaining Asher shares for $6.10 per share. 6. On March 1, Josie paid a $2 per share dividend. 7. On December 21, Earl declared a cash dividend of $3 per share to be paid in the next month. 8. (a) At December 31, 2024, the shares had the following market prices per share: Earl $18.10 and Josie $20.10. Your Answer Correct Answer (Used) Assuming that Monty is a publicly accountable enterprise that accounts for its investment portfolio at FV-OCI (with no recycling to net income), prepare journal entries to record all of the 2023 and 2024 transactions and year-end events. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (b) Date Account Titles and Explanation 2023 Mar. 1 Cash Dividend Revenue Apr. 30 FV-OCI Investments Unrealized Gain or Loss - OCI (To adjust to fair value at date of disposal) Apr. 30 Cash FV-OCI Investments (To record disposal) Apr. 30 Accumulated Other Comprehensive Income May 15 Retained Earnings (To reclassify holding gain) FV-OCI Investments Cash Dec. 31 FV-OCI Investments 2024 Unrealized Gain or Loss - OCI Feb. 1 Unrealized Gain or Loss - OCI FV-OCI Investments (To adjust to fair value at date of disposal) Feb. 1 Cash Feb. 1 FV-OCI Investments (To record disposal) Retained Earnings Accumulated Other Comprehensive Income (To reclassify holding loss) Mar. 1 Cash Dividend Revenue Dec. 21 Dividends Receivable Dividend Revenue Dec. 31 FV-OCI Investments Unrealized Gain or Loss - OCI Your answer is partially correct. Debit 1,860 840 2,730 270 3,020 7,722 200 1,220 420 1,860 3,450 4,160 Credit 1,86 84 2,73 27 3,02 7,72 20 1,220 42 1,86 3,45 4,16 Prepare the relevant parts of Monty's 2024 and 2023 comparative statements of financial position, statements of comprehensive income, and statements of changes in equity (accumulated other comprehensive income portion), and, where applicable, income statement to show how the investments and related accounts are reported. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Long-term Investments Monty Ltd. Statement of Financial Position 2023 2024 Investments, at Fair Value with Gains and Losses in OCI $ 36446 $ 39146 Shareholders' Equity Retained Earnings Accumulated Other Comprehensive Income $ Net Income/(Loss) (Includes Dividend Revenue) Other Comprehensive Income Items that may not be reclassified subsequently to net income Holding Gains on FV-OCI Investments During Year Comprehensive Income 270 $ Monty Ltd. Statement of Comprehensive Incom 2023 Monty Ltd. $X 420 $ $ $X+ $X+ Statement of Changes in Accumulated Other Comprehensive Income 2023 Accumulated Other Comprehensive Income/(Loss), January 1 $ Other Comprehensive Income/(Loss) eTextbook and Media List of Accounts 2024