Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do I do this? Blossom, Inc had the following equity investment portfolio at January 1, 2020. Evers Company 970 shares @ $16 each $15,520

how do I do this?

image text in transcribed

image text in transcribed

image text in transcribed

Blossom, Inc had the following equity investment portfolio at January 1, 2020. Evers Company 970 shares @ $16 each $15,520 Rogers Company 890 shares @ $19 each 16.910 Chance Company 510 shares @ $9 each 4.590 Equity investments @ cost 37,020 Fair value adjustment (7.490) Equity investments @ fair value $29.530 During 2020. the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30. Blossom, Inc. sold 310 shares of Chance Company for $10 per share. 3. On May 15. Blossom, Inc. purchased 90 more shares of Evers Company stock at $17 per share. 4 At December 31.2020, the stocks had the following price per share values: Evers 518. Rogers $18. and Chance 58. During 2021. the following transactions took place. 5. On February 1 Blossom. Inc. sold the remaining Chance shares for 58 per share. 6. On March : Rogers Company paid a 52 pershare dividend. 7. On December 21. Evers Company declared a cash dividend of 53 per share to be paid in the next month. 8. At December 31, 202 the stocks had the following price per share values. Evers 520 and Rogers $20. No. Account Titles and Explanation Debit Credit (1) (2) (3) 4) (5) 8 Prepare a partial balance sheet showing the investment-related amounts to be reported at December 31, 2020 and 2021. Blossom, Inc. Balance Sheet (Partial) December 31, 2020 December 31, 2021 $ 5 W

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Auditing Of ERP Systems

Authors: Yusufali F. Musaji

1st Edition

0471235180, 978-0471235187

More Books

Students also viewed these Accounting questions

Question

Was Jay Cohens conviction justified?

Answered: 1 week ago

Question

Distinguish between poor and good positive and neutral messages.

Answered: 1 week ago

Question

Describe the four specific guidelines for using the direct plan.

Answered: 1 week ago