Equity and Available-for-Sale Investments O'Brien Industries Inc. is a book publisher. The available-for-sale investments at cost and fair value on December 31, 2014, are as follows: Issuing Company Cost Fair Value Bernard Co. $14,300 $13,000 Chadwick Co. 24,500 22,900 $38,800 $35,900 The investment in Jolly Roger Co. stock represents 32% of the outstanding shares of Jolly Roger Co. The following selected transactions occurred during 2015: Jan. 2. Purchased $30,000 of Gozar Inc. 5%, 10-year bonds at 100. The bonds are classified as an available-for-sale investment. The bonds pay interest on June 30 and December 31. June 30. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Oct. 1. Purchased $24,000 of Nightline Co. 5%, 10-year bonds at 100. The bonds are classified as an available for sale investment. The bonds pay interest on October 1 and April 1. 9. Dividends of $6,500 are received on the Jolly Roger Co. investment. Dec. 31. Jolly Roger Co. reported a total net income of $59,000 for 20Y5, which O'Brien Industries Inc. recorded using the equity method. 31. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. 31 Accrued 3 months of interest on the Nightline bonds. 31. Adjusted the available-for-sale investment portfolio to fair value, using the following fair values: Fair Value Issuing Company Bernard Co. $13,000 21,000 Chadwick Co. Gozar Inc. 31,500 Nightline Co. 23,520 For the year ending December 31, 2045, O'Brien Industries Inc. reported net income of $148,300 and paid no dividends. Required: The comparative unclassified balance sheets for December 31, 2014 and 2045 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round final answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 2015 2014 Available-for-Sale Investments (at Cost) $ $38,800 Valuation Allowance for Available for Sale Investments (2,900) Available-for-Sale Investments (Fair Value) $35,900 Interest Receivable $40,100 Investment in Jolly Roger Co. Stock Office Equipment (Net) 66,600 70,100 Total Assets $333,900 Accounts Payable $42,600 $38,400 For the year ending December 31, 2015, O'Brien Industries Inc. reported net income of $148,300 and paid no dividends. Required: The comparative unclassified balance sheets for December 31, 2014 and 20Y5 are provided below. Selected balances are missing. Determine the missing amounts. Use minus sign to indicate the negative amounts. Do not round interim calculations. Round final answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 2015 2014 $ Available-for-Sale Investments (at Cost) Valuation Allowance for Available-for-Sale Investments $38,800 (2,900) $ $35,900 Available-for-Sale Investments (Fair Value) Interest Receivable Investment in Jolly Roger Co. Stock S $40,100 70,100 Office Equipment (Net) 66,600 Total Assets $333,900 Accounts Payable Common Stock Excess of Issue Price Over Par $42,600 36,700 116,900 $38,400 36,700 116,900 144,800 Retained Earnings Unrealized Gain (Loss) on Available for Sale Investments (2,900) Total Liabilities and Stockholders' Equity $333,900
