Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2021, Cinrich Financial Corporation had the following trading investment transactions: Feb. 1 Purchased 660CBF common shares for $41,580. Mar. 1 Purchased 830 RSD common

image text in transcribed
image text in transcribed
During 2021, Cinrich Financial Corporation had the following trading investment transactions: Feb. 1 Purchased 660CBF common shares for $41,580. Mar. 1 Purchased 830 RSD common shares for $27,390. Apr. 1 Purchased 7\% MRT bonds at face value, for $58,200. Cinrich received interest from these bonds semi-annually on April 1 and October 1. July 1 Received a cash dividend of $3 per share on the CBF common shares. Aug. 1 Sold 190CBF common shares at $61 per share. Oct. 1 Received the semi-annual interest on the MRT bonds. 1 Sold the MRT bonds for $60,400. Dec 30 RSD declared a dividend of $1.60 per share, payable on January 15 next year. Dec 31 The market prices of the CBF and RSD common shares were $58 and $34 per share. respectively. Determine the batance in each of the statement of income accounts that is affected in the transactions above and indicate how the accounts would be presented on the statement of income for the year ended December 31, 2021. (Round answers to 0 decimal ploces, es. 5,250. Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses e.g. (2,945).)

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

Step: 3

blur-text-image

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

Personal Trainer 3 0 Online For Albright/Ingram/Hills Managerial Accounting Information For Decisions

Authors: Thomas L. Albright, Robert W. Ingram, John S. Hill

4th Edition

0324233388, 978-0324233384

More Books

Students also viewed these Accounting questions

Question

Conduct an effective performance feedback session. page 360

Answered: 1 week ago