Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please help Delray Corporation had no short-term investments p ior to this year. It had the following transactions this year involving short-term stock investments with

please help
image text in transcribed
image text in transcribed
Delray Corporation had no short-term investments p ior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. Apri1 16 Purchased 4,500 shares of CVP Company stock at $27 per share. July 7 Purehased 3,000 shares of cmo Coapany stock at $52 per share. July 20 Purehased 1,400 sharen of Kendal1 Company stock at $19 per share. August 15 Received an \$1.10 per share cash dividend on the cyr Company stock. Augunt 28 sold 2,700 ahares of CVP Company atock at $30 per mhare, October 1 Received a $3.70 per share cash dividend on the cNo company ahares. Decenber 15 Received a $1.30 per share cash dividend on the renaining cvp Compainy shares. December 31 Received a $3.10 per share eash dividend on the cuo conpany shares. The year-end fair values per share are: CVF Company, $28.00; CMO Company, $50.50; and Kendall Company, $16.00. Calculate the total cost and total fair value of the avallable-for-sale portfolio as of December 31 , and calculate the amount of the required year-end adjusting entry, if any. The year-end fair values per share are: CVF Company, $28.00; CMO Company, $50.50; and Kendall Company, $16.00. Calculate the total cost and total fair value of the availehie-for-sale portfolio as of December 31 , and cafculate the amount of the required year-end adjusting entry, if any

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions