Help with the following problems please.
What would go under "Stockholder's Equity" for part C?
Exercise 179 a-b (Part Level Submission) Juanita Gomez and Brandi Toomey have formed the GT Partnership, and have capital balances of $130,000 and $100,000, respectively, on January 1, 2020. On June 1, 2020, Toomey invested an additional $30,000. Also during the year, Gomez withdrew $60,000 and Toomey withdrew $48,000. Sales for the year amounted to $360,000 and expenses were $240,000. Gomez and Toomey share income and losses on a 3:1 basis. (a) Prepare the closing entries at December 31, 2020, for the GT Partnership. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close revenue to net income) (To close net income to capital) (To close drawing accounts to capital) Problem 16-01A a-c (Part Level Submission) (Video) Pharoah Carecenters Inc. provides financing and capital to the healthcare industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds acquired as an investment by Pharoah, whose fiscal year ends on December 31. 2020 Jan. 1 Purchased at face value $1,140,000 of Javier Nursing Centers, Inc., 10-year, 5% bonds dated January 1, 2017, directly from Javler. Accrual of interest at year-end on the Javier bonds. Dec. 31 (Assume that all intervening transactions and adjustments have been properly recorded and that the number of bonds owned has not changed from December 31, 2020, to December 31, 2022.) 2023 Jan. 1 Jan. 1 Dec. 31 Received the annual interest on the Javier bonds. Sold $570,000 Javier bonds at 105. Accrual of interest at year-end on the Javier bonds. (a) Your answer is correct. Journalize the listed transactions for the years 2020 and 2023. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit _ Credit T Jan. 1, 2020 ] Debt Investments 1,140,000 T Cash Interest Receivable Dec 31, 2020 EEEEEEEEEEE | Interest Revenue 57,000 Jan. 1, 2023 ocash Interest Receivable DOPPE 57,000 (To record the receipt of annual interest on Javier bonds) 58,5007 T Jan. 1, 2023 | Cash 2 Debt Investments 570,000 Gain on Sale of Debt Investments E 28,500 (To record the sale of Javier bonds) Dec 31, 2023 Interest Receivable Interest Revenue 28,500 Click if you would like to Show Work for this question: Open Show Work (b) Your answer is correct. Assume that the fair value of the bonds at December 31, 2020, was $1,254,000. These bonds are classified as available-for-sale securities. Prepare the adjusting entry to record these bonds at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2020 Fair Value Adjustment-Available-for-Sale 114.000 Unrealized Gain or Loss-Equity T 114,000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 2 of 3 used (c) Your answer is partially correct. Try again. Based on your analysis in part (b), show the balance sheet presentation of the bonds and interest receivable at December 31, 2020. Assume the investments are considered long-term. Indicate where any unrealized gain or loss is reported in the financial statements. (Enter account name only and do not provide descriptive information.) Pharoah Carecenters Inc. Balance Sheet (Partial) December 31, 2020 Current Assets 1 Interest Receivable 57,000 Investments 51,254,00 T Debt Investments, at fair value Stockholders' Equity
