Question
On December 31, 2020, Ivanhoe Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of
On December 31, 2020, Ivanhoe Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Shares Cost Gehring Co. 1,800 $50,400 Wooderson Co. 4,800 48,000 Kitselton Co. 1,400 28,000 On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred: Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,440 shares of Wooderson Co. common stock for cash at $9 per share. Oct. 1 Sold 720 shares of Gehring Co. common stock for cash at $31 per share. Nov. 1 Received $2 per share cash dividend on Kitselton Co. common stock. Dec. 15 Received $0.50 per share cash dividend on Gehring Co. common stock. Dec. 31 Received $2 per share annual cash dividend on Wooderson Co. common stock. At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $9, and Kitselton Co. $18.
Could you write out the steps for me please?
Problem 16-03A a-c (Video) On December 31, 2020, Ivanhoe Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Shares 1,800 Common Stock Gehring Co. Wooderson Co. Kitselton Co. Cost $50,400 48,000 28,000 4,800 1,400 On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred: Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,440 shares of Wooderson Co. common stock for cash at s9 per share. Oct. 1 Sold 720 shares of Gehring Co. common stock for cash at $31 per share. Nov. 1 Received $2 per share cash dividend on Kitselton Co. common stock. Dec. 15 Received $0.50 per share cash dividend on Gehring Co. common stock. Dec. 31 Received $2 per share annual cash dividend on Wooderson Co. common stock. At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. 59, and Kitselton Co. $18. Your answer is partially correct. Try again. Journalize the 2021 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount i select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Stock Investments Aug. 17 Cash 900 Set 1 cash 12960 Los on sale of Stack Trements 1.410 Show the balance sheet presentation of the investments at December 31, 2021. Stock Inwestments 14.400 - - Sisters che nn siad -ICO. At this date, Ivanhoe Associates has common stock $1,505,000 and retained earnings $1,013,000. Oct. : Cash 22.320 Ivanhoe Associates Balance Sheet(Partial) December 31, 2021 Gain on Sale of Stark Investment 2,160 20,1601 Nov. VStep by Step Solution
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