Question
Marsland Inc. completed these long-term investment transactions during 2020. Disregard commissions. Jan. 14 Purchased 1,000 shares of Crew Ltd., paying $41.00 per share. Aug. Jan.
Marsland Inc. completed these long-term investment transactions during 2020. Disregard commissions.
Jan. 14 Purchased 1,000 shares of Crew Ltd., paying $41.00 per share.
Aug.
Jan. 22 Received a cash dividend of $3.28 per share on the Crew Ltd. shares.
Dec.
Jan. 31 Adjusted the Crew Ltd. investment to its current fair value of $50,750.
- Journalize Marsland's investment transactions. Explanations are not required. Marsland Inc. exerts no significant influence on Crew Ltd. and intends to hold the investment indefinitely.
- What value is reported for the investment on Marsland's balance sheet at December 31, 2020?
hint: 2 Accounting for a long-term investment's unrealized gain or loss
1. Dec. 31, 2020, unrealized gain, $9,750
Step 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
Introduction To Management Accounting A User Perspective
Authors: Michael L Werner, Kumen H Jones
2nd Edition
0130327506, 9780130327505
