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, 20Y4, are as follows: Fair Value Issuing Company Cost Bernard Co. $14,000 Chadwick Co. 33,600 $12,700 31,400 $47,600 $44,100 The investment in Jolly Roger Co. stock represents 30% of the outstanding shares of Jolly Roger Co. The following selected transactions occurred during 20Y5: Jan. 2. Purchased $28,800 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. Oct. 1. 9. Dec. 31. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Purchased $27,000 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. Dividends of $7,900 are received on the Jolly Roger Co. investment. Jolly Roger Co. reported a total net income of $68,000 for 2085, which O'Brien Industries Inc. recorded using the equity method. Received interest for 6 months on the Gozar Inc. bonds purchased on January 2. Accrued 3 months of interest on the Nightline bonds. Adjusted the available-for-sale investment portfolio to fair value, using the following fair values: 31. 31. 31. Issuing Company Fair Value Issuing Company Fair Value $12,600 Bernard Co Chadwick Co. Gozar Inc. 29,600 30,400 Nightline Co. 26,460 For the year ending December 31, 2045, O'Brien Industries Inc. reported net income of $148,600 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 Accounting numeric field 2015 2074 Available-for-Sale Investments (at Cost) $47,600 Valuation Allowance for Available-for-Sale Investments (3,500) Available-for-Sale Investments (Fair Value) -) $44,100 $ Interest Receivable $ Investment in Jolly Roger Co. Stock $46,300 Office Equipment (Net) 77,000 81,000 Total Assets $385,900 Accounts Payable Common Stock Excess of Issue Price Over Par Retained Earnings $49,300 42,400 135,100 $44,400 42,400 135,100 167,500 not round interim calculations. Round final answers to nearest dollar. O'Brien Industries Inc. Partial Balance Sheets December 31 20Y5 20Y4 Available-for-Sale Investments (at Cost) $47,600 Valuation Allowance for Available-for-Sale Investments (3,500) Available-for-Sale Investments (Fair Value) $44,100 Interest Receivable Investment in Jolly Roger Co. Stock $46,300 Office Equipment (Net) 77,000 81,000 Total Assets $385,900 Accounts Payable Common Stock $49,300 42,400 135,100 $44,400 42,400 135,100 Excess of Issue Price Over Par Retained Earnings 167,500 Unrealized Gain (Loss) on Available-for-Sale Investments (3,500) Total Liabilities and Stockholders' Equity $385,900
