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please Help! I really need help for this question! London Ltd. reported the following transactions and information regarding the shares of Dolma Corp: 15 October
please Help! I really need help for this question!
London Ltd. reported the following transactions and information regarding the shares of Dolma Corp: 15 October 20X2, purchased 3,000 shares at $44 per share plus $1,200 commission. 1 December 20X2, received $0.50 per share cash dividend. 31 December 20X2, fair value is $38 per share. 1 December 20X3, received $0.50 per share cash dividend. 31 December 20X3, fair value is $47 per share. 15 November 20X4, sold 1,000 shares at $42 per share less $800 commission. 1 December 20X4, received $0.50 per share cash dividend. 31 December 20X4, fair value is $41 per share. Required: 1. Show the amounts and accounts that would be reported in earnings and the statement of financial position for 20X2, 20X3, and 20X4 if the company uses the: (Negative amounts should be indicated by minus sign.) a. Cost method. 20x2 20x3 20x4 Earnings Dividend revenue Fees and commissions expense Loss on sale Statement of financial position Investment OCI: Holding gain/(loss) b. FVTPL method. 20x2 20x3 2 0X4 Earnings Dividend revenue Fees and commissions expense Holding gains (losses) Statement of financial position Investment OCI: Holding gain/(loss) c. FVOCI-Equity method; realized amounts are transferred to retained earnings. 20x2 20x3 20x4 Earnings Dividend revenue Fees and commissions expense Holding gains (losses) Statement of financial position Investment OCI: Holding gain/(loss) Transfer to Retained Earnings
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