Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help on part D, completing the balance sheet. I don't know how to find investments in stock less than 20% owned companies. Problem
I need help on part D, completing the balance sheet. I don't know how to find investments in stock less than 20% owned companies.
Problem H-5 (Part Level Submission) Here is Swifty Company's portfolio of long-term available-for-sale securities at December 31, 2016, the end of its first year of operations. $97,740 1,800 shares of Batone Inc. common stock 1,400 shares of Mendez Corporation common stock 98,000 800 shares of R Tillman Corporation preferred stock 34,400 On December 31, the total cost of the portfolio equaled the total fair value. Swifty had the following transactions related to the securities during 2017. Jan. 20 Sold 1,800 shares of Batone Inc. common stock at $56.80 per share 28 Purchased 350 shares of $10 par value common stock of P Wahl Corporation at $78 per share. 30 Received a cash dividend of $1.21 per share on Mendez Corporation common stock. Feb. 8 Received cash dividends of $0.43 per share on P Tillman Corporation preferred stock. 18 Sold all 800 shares of R Tillman preferred stock at $36 per share. July 30 Received a cash dividend of $1.46 per share on Mendez Corporation common stock. Sept. 6 Purchased an additional 580 shares of the $10 par value common stock of Wahl Corporation at $82 per share. Dec. 1 Received a cash dividend of $1.20 per share on P Wahl Corporation common stock. At December 31, 2017, the fair values of the securities were Mendez Corporation common stock $65 per share R Wahl Corporation common stock $77 per share Swifty uses separate account titles for each investment, such as Investment in Mendez Corporation Common StockStep 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