Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 31,2021 , the end of its first year of operations, Oriole Associates owned the following securities that are held as long-term investments. On
On December 31,2021 , the end of its first year of operations, Oriole Associates owned the following securities that are held as long-term investments. On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. July 1 Received $2.00 per share semiannual cash dividend on D Co. common stock. Aug. 1 Received $0.50 per share cash dividend on C Co. common stock. Sept. 1 Sold 1,020 shares of D Co. common stock for cash at $9 per share. Oct. 1 Sold 290 shares of C Co. common stock for cash at $50 per share. Nov. 1 Received $1 per share cash dividend on E Co. common stock. Dec. 15 Received $0.50 per share cash dividend on C Co. common stock. 31 Received $2.10 per share semiannual cash dividend on D Co. common stock. At December 31, the fair values per share of the common stocks were C Co. $47,DCo.$7.60, and ECo. $24. These investments should be classified as long-term. Show the balance sheet presentation of the investments at 2022. These investments should be classified as longterm
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