During 2021, Laramie Financial Corporation had the following trading investment transactions:

Feb.	1		Purchased 650 CBF common shares for $39,650.
Mar.	1		Purchased 790 RSD common shares for $25,280.
Apr.	1		Purchased 7% MRT bonds at face value, for $58,000. Laramie 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 200 CBF common shares at $59 per share.
Oct.	1		Received the semi-annual interest on the MRT bonds.
	1		Sold the MRT bonds for $60,200.
Dec.	30		RSD declared a dividend of $1.50 per share, payable on January 15 next year.
Dec.	31		The market prices of the CBF and RSD common shares were $56 and $34 per share, respectively.

(a)

Your answer is partially correct.

Record the above transactions, including any required adjusting entries, using the fair value through profit or loss model. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order presented in the question. Round answers to 0 decimal places, e.g. 5,250. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
Aug. 1
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31
	(To record interest on the MRT bonds.)
	(To record sale of MRT bonds.)
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31Dec. 30
Feb. 1Mar. 1Apr. 1July 1Aug. 1Sept. 1Oct. 1Dec. 31

Attempts: 3 of 3 used

(b)

Correct answer icon

Your answer is correct.

Show how Kakisa would report the investments on the statement of financial position at December 31, 2021.

LARAMIE FINANCIAL CORPORATION Statement of Financial Position (Partial) December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
		$

(c)

Determine the balance 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 places, e.g. 5,250. Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)

LARAMIE FINANCIAL CORPORATION Statement of Income (Partial) December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal ExpensesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Income and ExpensesOther Expenses and LossesIncome From Operations
				$
		$
				$