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On February 15, Jewel Company buys bonds of Marcelo Corp. for $201.810 cash. This debt investment is classified as available for sale securities. This is
On February 15, Jewel Company buys bonds of Marcelo Corp. for $201.810 cash. This debt investment is classified as available for sale securities. This is the company's first and only investment in available for sale securities. Jewel Company sells 40% of the Marcelo Corp. debt investment on November 17 of the current year for $105,600 cash. The entry to record this sale includes a Multiple Choice 0 Debit to Cash for $80724 0 Credit to Debt Investments-AFS for $80,724 0 O Debit to Loss on Sale of Debt Investments for $24.876. O Debit to Debt Investments-AFS for $80,724. 0 Credit to loss on Sale of Debt Investments for $24876 On February 15. Jewel Company buys 6100 shares of Marcelo Corp at $2872 per share the stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment on March 15, Marcelo Corp. declares a dividend of $1.24 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $2949 per share the fair value of the remaining 3050 shares is $2969 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corp. is: Multiple Choice $175.682 O 55,00 O SU58 O $90554 O $274
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