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I have an hour to finish this please help Forte Inc. produces and sells theater set designs and costumes. The company began operations on January

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Forte Inc. produces and sells theater set designs and costumes. The company began operations on January 1, Year 1. The following transactions relate to securities acquired by Forte Inc., which has a fiscal year ending on December 31: Record these transactions on page 10: Year 1 Jan. 22 Purchased 25,400 shares of Sankal Inc. as an available-for-sale security at $17 per share, including the brokerage commission. Mar. 8 Received a cash dividend of $0.22 per share on Sankal Inc. stock. Sep. 8 A cash dividend of $0.24 per share was received on the Sankal stock. Oct. 17 Sold 4,900 shares of Sankal Inc. stock at $15 per share less a brokerage commission of $85. Dec. 31 Sankal Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $28 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. Record these transactions on page 11: Record these transactions on page 11: Year 2 Jan. 10 Purchased an influential interest in Imboden Inc. for $480,000 by purchasing 60,000 shares directly from the estate of the founder of Imboden Inc. There are 200,000 shares of Imboden Inc. stock outstanding. Mar. 10 Received a cash dividend of $0.28 per share on Sankal Inc. stock. Sep. 12 Received a cash dividend of $0.25 per share plus an extra dividend of $0.07 per share on Sankal Inc. stock. Dec. 31 Received $55,100 of cash dividends on Imboden Inc. stock. Imboden Inc. reported net income of $474,100 in Year 2. Forte Inc. uses the equity method of accounting for its investment in Imboden Inc. Dec. 31 Sankal Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $23 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the decrease in fair value from $28 to $23 per share. Required: 1. Journalize the entries to record these transactions. Refer to the information given and the Chart of Accounts provided for the exact wording of the answer choices for text entries. Required: 1. Journalize the entries to record these transactions. Refer to the information given and the Chart of Accounts provided for the exact wording of the answer choices for text entries. 2. Prepare the investment-related asset and stockholdersequity balance sheet presentation for Forte Inc. on December 31, Year 2, assuming the Retained Earnings balance on December 31, Year 2, is $440,000. Refer to the Chart of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. Less" or "Plus" will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. CHART OF ACCOUNTS Forte Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 611 Interest Revenue 120 Accounts Receivable 612 Dividend Revenue 121 Allowance for Doubtful Accounts 621 Income of Imboden Inc. 131 Notes Receivable 631 Gain on Sale of Investments 132 Interest Receivable 641 Unrealized Gain on Trading Investments 141 Merchandise Inventory 145 Office Supplies EXPENSES 146 Store Supplies 511 Cost of Merchandise Sold 145 Office Supplies EXPENSES 146 Store Supplies 511 Cost of Merchandise Sold 151 Prepaid Insurance 512 Bad Debt Expense 161 Investments-Sankal Inc. 515 Credit Card Expense 163 Investment in Imboden Inc. Stock 516 Cash Short and Over 165 Valuation Allowance for Trading Investments 520 Salaries Expense 166 Valuation Allowance for Available-for-Sale Investments 531 Advertising Expense 181 Land 532 Delivery Expense 191 Store Equipment 533 Repairs Expense 192 Accumulated Depreciation-Store Equipment 534 Selling Expenses 193 Office Equipment 535 Rent Expense 194 Accumulated Depreciation Office Equipment 536 Insurance Expense 537 Office Supplies Expense LIABILITIES 538 Store Supplies Expense 210 Accounts Payable 561 Depreciation Expense-Store Equipment LIABILITIES 538 Store Supplies Expense 210 Accounts Payable 561 Depreciation Expense-Store Equipment 221 Notes Payable 562 Depreciation Expense-Office Equipment 231 Interest Payable 590 Miscellaneous Expense 241 Salaries Payable 710 Interest Expense 251 Sales Tax Payable 721 Loss of Imboden Inc. 731 Loss on Sale of Investments EQUITY 741 Unrealized Loss on Trading Investments 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 350 LInrealized Gain (laselon Available for Sale Investments 731 Loss on Sale of Investments EQUITY 741 Unrealized Loss on Trading Investments 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 350 Unrealized Gain (Loss) on Available-for-Sale Investments 351 Cash Dividends 352 Stock Dividends 390 Income Summary Amount Descriptions Available-for-sale investments (at cost) Available-for-sale investments (at fair value) Net income Net loss Other comprehensive income (loss) Other income (loss) Trading investments (at cost) Trading investments (at fair value)

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