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How do i solve part b? thankyou *Problem 12-2A (Part Level Submission) During 2018, Golden Valley Financial Corporation had the following held for trading investment
How do i solve part b? thankyou
*Problem 12-2A (Part Level Submission) During 2018, Golden Valley Financial Corporation had the following held for trading investment transactions Feb. 1 Purchased 660 CBF common shares for $41,580 Mar 1 Purchased 830 RSD common shares for $27,390 Apr. 1 July 1 Received a cash dividend of $3 per share on the CBF common shares Aug. 1 Sold 190 CBF common shares at $61 per share Sept. 1 Received a cash dividend of $1.60 per share on the RSD common shares Oct. 1 Received the semi-annual interest on the MRT bonds Purchased 796 MRT bonds at face value, for $58,200. Interest is received semi-annually on April 1 and October 1 Sold the MRT bonds for $60,400 Dec. 31 The market prices of the CBF and RSD common shares were $58 and $34 per share, respectively Your answer is partially correct. Try again Record the above transactions, including any required adjusting entries, using the fair value through profit or loss model (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order presented in the question, Round answers to 0 decimal places, e.g. 5,250. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 1,580 eb Held for Trading Investment U 41,5801 as ar. 1 Held for Trading Investment 27390 as 2739 Long-Term Investments 58200 as 5820 1980 as ividend Revenue 198 as 1159 380 Realized Loss on Held for Trading Investment Held for Trading Investment 1197 ept. 1Cas 1328 ividend Revenue 132 2037 as 2037 Interest Revenue (To record interest on the MRT bonds.) as 60400 Long-Term Investments 5820 2200 Realized Gain on Long-Term Investments (To record sale of MRT bonds.) (Unrealized Loss on Long-Term Investments Dec. 3 1520 Long-Term Investments 1520 Attempts: 3 of 3 used Show how the investments would be presented on the statement of financial position at December 31, 2018 GOLDENVALLEY FINANCIAL CORPORATION Statement of Financial Position (Partial)Step by Step Solution
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