Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help me fill out the the Sfp, statment of comprehensive income and statment of changes in accumulated OCI! all the journal entries are correct Castlegar
help me fill out the the Sfp, statment of comprehensive income and statment of changes in accumulated OCI!
Castlegar Ltd. had the following investment portfolio at January 1, 2023: During 2023, the following transactions took place: 1. On March 1, Josie paid a \$2 per share dividend. 2. On April 30, Castlegar sold 300 shares of Asher for $10.00 per share. 3. On May 15, Castlegar purchased 200 more Earl shares at $16.00 per share. 4. At December 31.2023 , the shares had the following market prices per share: Earl $17.00; Josie $19.00; and Asher $8.00. During 2024, the following transactions took place: 5. On February 1, Castlegar sold the remaining Asher shares for $7,00 per share. 6. On March 1, Josie paid a \$2 per share dividend. 7. On December 21. Earl declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31.2024 , the shares had the following market prices per share: Ear $19.00 and Josie $21.00. Castlegar Ltd. Statement of Financial Position 2023 2024 Long-term investments Imvestments, at Fair Value with Gains and Losses in OCl \( \$ \longdiv { 3 9 1 0 0 } \) s 41700 Sharehoiders' Equity Retahed Earnings 300 00 Accumulated Other Compreheraive income 900 Castlegar Ltd. Statement of Comprehensive Incom \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline \multicolumn{4}{|c|}{2023} \\ \hline \multirow[t]{2}{*}{ Mar: 1} & Cish & 1800 & \\ \hline & Dividend Reverue & & 1000 \\ \hline & EV-OCI imsestments & 840 & \\ \hline & Unrcalizud Gain or Loss - C & & 840 \\ \hline & (To adjust to fair value at date of disposal] & & \\ \hline \multirow[t]{3}{*}{ Apr. 30} & Cash & 3000 & \\ \hline & AV-OCI investments & & 3000 \\ \hline & (To record disposal) & & \\ \hline \multirow[t]{3}{*}{ Apror 30} & Acoumulates Othar Comorehenswe income & 200 & \\ \hline & Putained farning & & 300 \\ \hline & (To reclassify holding saln) & & \\ \hline \multirow[t]{2}{*}{ May 15} & P.OCl investmerts: & 3200 & \\ \hline & Cash & & 3200 \\ \hline \multirow[t]{2}{*}{ Dec 31} & FV-OCl investmenes: & $110 & \\ \hline & Unrealixud Gain or Loss - C & & a110 \\ \hline \end{tabular} Castlegar Ltd. had the following investment portfolio at January 1, 2023: During 2023, the following transactions took place: 1. On March 1, Josie paid a \$2 per share dividend. 2. On April 30, Castlegar sold 300 shares of Asher for $10.00 per share. 3. On May 15, Castlegar purchased 200 more Earl shares at $16.00 per share. 4. At December 31.2023 , the shares had the following market prices per share: Earl $17.00; Josie $19.00; and Asher $8.00. During 2024, the following transactions took place: 5. On February 1, Castlegar sold the remaining Asher shares for $7,00 per share. 6. On March 1, Josie paid a \$2 per share dividend. 7. On December 21. Earl declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31.2024 , the shares had the following market prices per share: Ear $19.00 and Josie $21.00. Castlegar Ltd. Statement of Financial Position 2023 2024 Long-term investments Imvestments, at Fair Value with Gains and Losses in OCl \( \$ \longdiv { 3 9 1 0 0 } \) s 41700 Sharehoiders' Equity Retahed Earnings 300 00 Accumulated Other Compreheraive income 900 Castlegar Ltd. Statement of Comprehensive Incom \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline \multicolumn{4}{|c|}{2023} \\ \hline \multirow[t]{2}{*}{ Mar: 1} & Cish & 1800 & \\ \hline & Dividend Reverue & & 1000 \\ \hline & EV-OCI imsestments & 840 & \\ \hline & Unrcalizud Gain or Loss - C & & 840 \\ \hline & (To adjust to fair value at date of disposal] & & \\ \hline \multirow[t]{3}{*}{ Apr. 30} & Cash & 3000 & \\ \hline & AV-OCI investments & & 3000 \\ \hline & (To record disposal) & & \\ \hline \multirow[t]{3}{*}{ Apror 30} & Acoumulates Othar Comorehenswe income & 200 & \\ \hline & Putained farning & & 300 \\ \hline & (To reclassify holding saln) & & \\ \hline \multirow[t]{2}{*}{ May 15} & P.OCl investmerts: & 3200 & \\ \hline & Cash & & 3200 \\ \hline \multirow[t]{2}{*}{ Dec 31} & FV-OCl investmenes: & $110 & \\ \hline & Unrealixud Gain or Loss - C & & a110 \\ \hline \end{tabular} all the journal entries are correct
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started