GL1501 (Algo)- Based on Problem 15-4A LO P4 BGJ Corporation had no short-term Investments prior to this year. It had the following transactions this year Involving Investments with Insignificant Influence. July 7 July 20 August 15 April 16 Purchased 4,500 shares of OnPoint Company stock at $30 per share. Purchased 3,000 shares of Eco Company stock at $55 per share. Purchased 1,400 shares of Lafayette Company stock at $22 per share. Received an $1.10 per share cash dividend on the OnPoint Company stock. Sold 2,700 shares of OnPoint Company stock at $33 per share. Received a $5.20 per share cash dividend on the Eco Company shares. Received a $1.30 per share cash dividend on the remaining OnPoint Company shares. Received a $4.60 per share cash dividend on the Eco Company shares. August 28 October 1 December 15 December 31 Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prepare journal entries to record each of the transactions and events. Prepare the year-end adjustment to fair valu View transaction st View journal entry worksheet No Date Account Title 1 Apr 16 Stock investments Cash 2 Jul 07 Stock investments Cash IN Debit Credit 135,000 135,000 165,000 165,000 3 Jul 20 Stock investments Cash 30,800 30,800 4 Aug 15 Cash 4,950 Dividend revenue 4,950 5 Aug 28 Cash 89,100 Gain on sale of stock investments Stock investments o Oct 01 Cash Dividend revenue 7 Dec 15 Cash Dividend revenue 8 Dec 31 Cash bok ences April 16 July 7 July 20 August 15 August 28 October 1 December 15 December 31 Purchased 4,500 shares of OnPoint Company stock at $30 per share. Purchased 3,000 shares of Eco Company stock at $55 per share. Purchased 1,400 shares of Lafayette Company stock at $22 per share. Received an $1.10 per share cash dividend on the OnPoint Company stock. Sold 2,700 shares of OnPoint Company stock at $33 per share. Received a $5.20 per share cash dividend on the Eco Company shares. Received a $1.30 per share cash dividend on the remaining OnPoint Company shares. Received a $4.60 per share cash dividend on the Eco Company shares. Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact The year-end fair values per share are: OnPoint Company, $31.00; Eco Company, $53.50; and Lafayette Company, $19.00. Calculate the total cost and total fair value of the available-for-sale portfolio as of December 31, and calculate the amount of the required year-end adjusting entry, if any. Step 1 Step 2 Step 3 Cost of investments at December 31: #of Shares OnPoint Company stock Eco Company stock Cost Lafayette Company Total cost Fair value of investments at December 31: # of Shares Fair value per share Fair Value OnPoint Company stock Eco Company stock Lafayette Company Total fair value Total unrealized gain/loss as of December 31: Determine what the unadjusted balance in the fair value adjustment equals Determine what the adjusted balance in the fair value adjustment account should equal: Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2 ook BGJ Corporation had no short-term Investments prior to this year. It had the following transactions this year involving short-term stock Investments with Insignificant Influence. April 16 July 7 July 28 August 15 August 28 October 1 December 15 December 31 Purchased 4,500 shares of OnPoint Company stock at $30 per share. Purchased 3,000 shares of Eco Company stock at $55 per share. Purchased 1,400 shares of Lafayette Company stock at $22 per share. Received an $1.10 per share cash dividend on the OnPoint Company stock. Sold 2,700 shares of OnPoint Company stock at $33 per share.. Received a $5.20 per share cash dividend on the Eco Company shares. Received a $1.30 per share cash dividend on the remaining OnPoint Company shares. Received a $4.60 per share cash dividend on the Eco Company shares. Requirement General Joumal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Apr 10) Purchased 4.500 shares of OnPoint Company stock at $30 per share Jul. 7) Purchased 3.000 shares of Eco Company stock at $55 per share Jul. 20) Purchased 1,400 shares of Lafayette Company stock at $22 per share. Aug. 15) Received an $1.10 per share cash dividend on the OnPoint Company stock Aug 28) Sold 2,700 shares of OnPoint Company stock at $33 per share Oct. 1) Received a $5.20 per share cash dividend on the Eco Company shares Dec 15) Received a $1.30 per share cash dividend on the remaining OnPoint Company shares Dec 31) Received a $4.00 per share cash dividend on the Eco Company shares Dec. 31) Adjusted the securities to year-end fair value Totals Change in Change in equity Total assets As a component of As a direct component of stockholders Total change in equity net income equity S S 0 $ 0 S 0 S Fair Value Adj Fin St Impact > Show less A GL1501 (Algo) - Based on Problem 15-4A LO P4 BGJ Corporation had no short-term investments prior to this year. It had the following transactions this year Involving short-term stock Investments with Insignificant Influence. April 16 July 7 July 20 August 15 August 28 October 1 December 15 December 31 Requirement Purchased 4,500 shares of OnPoint Company stock at $30 per share. Purchased 3,000 shares of Eco Company stock at $55 per share. Purchased 1,400 shares of Lafayette Company stock at $22 per share. Received an $1.10 per share cash dividend on the OnPoint Company stock. Sold 2,700 shares of OnPoint Company stock at $33 per share. Received a $5.20 per share cash dividend on the Eco Company shares. Received a $1.30 per share cash dividend on the remaining OnPoint Company share Received a $4.60 per share cash dividend on the Eco Company shares. General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account titles reported on the income statement or as a component of stockholders' equity. On the transaction analysis tab, you indicated that total income changed by Select the income statement account balances that prove this amount $ 0 Total net income