Question
During 2016, its first year of operations, Myron Company purchased two available-for-sale investments as follows: Security Shares Purchased Cost Olson Products, Inc. 1,030 $62,933 Reynolds
During 2016, its first year of operations, Myron Company purchased two available-for-sale investments as follows: Security Shares Purchased Cost Olson Products, Inc. 1,030 $62,933 Reynolds Co. 2,790 88,722 Assume that as of December 31, 2016, the Olson Products, Inc., stock had a market value of $73 per share and the Reynolds Co. stock had a market value of $57 per share. Myron Company had net income of $486,800, and paid no dividends for the year ending December 31, 2016. All of the available-for-sale investments are classified as current assets. a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments. Myron Company Balance Sheet (selected Current Asset items) December 31, 2016 Assets Current Assets: Available-for-Sale Investments, at Cost $ Plus Valuation Allowance for Available-for-Sale Investments $ b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized gain (loss) for the available-for-sale investments. Myron Company Balance Sheet (selected Stockholders' Equity items) December 31, 2016 Stockholders' Equity Retained Earnings $ Unrealized Gain (Loss) on Available-for-Sale Investments
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