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Please help, thank you! CMO Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments
Please help, thank you!
CMO Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 4,000 shares of Zephyr Company stock at $29 per share. July 7 Purchased 5,000 shares of Kohler Company stock at $54 per share. July 20 Purchased 1,200 shares of STM Company stock at $21 per share. August 15 Received an $1.00 per share cash dividend on the Zephyr Company stock. August 28 Sold 2,400 shares of Zephyr Company stock at $32 per share. October 1 Received a $4.60 per share cash dividend on the Kohler Company shares. December 15 Received a $1.20 per share cash dividend on the remaining Zephyr Company shares. December 31 Received a $4.00 per share cash dividend on the Kohler Company shares. Journal entry worksheet 2 3 4 5 6 7 8 Purchased 4,000 shares of Zephyr Company stock at \$29 per share. Note: Enter debits before credits. General Ledger Account Select either unadjusted or adjusted from the drop-down below to see the balances before or after the year-end adjustment to fair value. The year-end fair values per share are: Zephyr Company, $30.00; Kohler Company, $52.50; and STM Company, $18.00. Calculate the total cost and total fair value of the available-for-sale portfolio as of December 31 , and calculate the amount of the required year-end adjusting entry, if any. For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account titles reported on the income statement or as a component of stockholders' equity. CMO Corporation had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 4,000 shares of Zephyr Company stock at $29 per share. July 7 Purchased 5,000 shares of Kohler Company stock at $54 per share. July 20 Purchased 1,200 shares of STM Company stock at $21 per share. August 15 Received an $1.00 per share cash dividend on the Zephyr Company stock. August 28 Sold 2,400 shares of Zephyr Company stock at $32 per share. October 1 Received a $4.60 per share cash dividend on the Kohler Company shares. December 15 Received a $1.20 per share cash dividend on the remaining Zephyr Company shares. December 31 Received a $4.00 per share cash dividend on the Kohler Company shares. Journal entry worksheet 2 3 4 5 6 7 8 Purchased 4,000 shares of Zephyr Company stock at \$29 per share. Note: Enter debits before credits. General Ledger Account Select either unadjusted or adjusted from the drop-down below to see the balances before or after the year-end adjustment to fair value. The year-end fair values per share are: Zephyr Company, $30.00; Kohler Company, $52.50; and STM Company, $18.00. Calculate the total cost and total fair value of the available-for-sale portfolio as of December 31 , and calculate the amount of the required year-end adjusting entry, if any. For each transaction, indicate the change, if any, in total assets and total equity. If equity changes, indicate whether the change was reflected as a component of net income, or directly within the stockholders' equity portion of the balance sheet. Remember that the change in total assets must agree with the change in total equity. Prove the accuracy of your responses on the Transaction Analysis tab by selecting the account titles reported on the income statement or as a component of stockholders' equityStep by Step Solution
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