Please help with 4, 5 and 6!!!! Please do all all three questions or I won't rate up
On 1 November 20X8, Porter Company acquired the following FVTPL investments: Minto Corp.-2,600 common shares at $20 cash per share Pugwash Corp.-600 preferred shares at $30 cash per share The annual reporting period ends 31 December. Quoted fair values on 31 December 20X8 were as follows: Minto Corporation common, $17 Pugwash Corporation preferred, $34 The following information relates to 20X9: 2 March 1 October Received cash dividends per share as follows: Minto Corporation, $2.10; and Pugwash Corporation, $1.20. Sold 150 shares of Pugwash Corporation preferred at $37 per share. Fair values were as follows: Minto common, $27, and Pugwash preferred, $32. 31 December Required: 1. Prepare the entry for Porter Company to record the purchase of the securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 1 Nov. 20X8 Investment in Minto Co. shares 52,000 18,000 Investment in Pugwash Co. shares Cash 70,000 2. Prepare the adjusting entries needed at the end of 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 31 Dec. 20X8 Investment in Pugwash Co. shares 2,400 Investment revenue: Holding gain: Pugwash Co. shares 2.400 2 31 Dec. 20X8 Investment in Pugwash Co. shares Investment revenue: Holding gain: Pugwash Co. shares 3. Show the amount that would be reported in 20X8 earnings and the asset amounts on the statement of financial position. $ (5,400) Earnings, 20X8 Net gain on FVTPL investments Statement of financial position, 31 December 20X8 FVTPL investments, at fair value $ 64,600 4. Prepare the all entries required in 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry to record fair value of Pugwash Co. shares. Note: Enter debits before credits. General Journal Debit Credit Date 31 Dec. 20X9 No journal entry required Record entry Clear entry View general journal 5. Show the amount that would be reported in 20X9 earnings and the asset amounts on the statement of financial position. $ Earnings, 20X9 Holding gain/loss on FVTPL investments Holding gain/loss on FVTPL investments Investment in Pugwash Co. shares 25,200 5,460 12,800 $ 43,460 Statement of financial position, 31 December 20X9: FVTPL investments, at fair value 6. Repeat part (5), assuming that both the investments were originally designated FVOCI-Equity investments. Include the balance of the AOCI equity reserve for holding gain/loss for the SFP amounts. The holding gain/loss amounts are not reclassified after realization. Earnings, 20X9 Investment revenue Statement of financial position, 31 December 20x9 FVTOCI investments, at fair value Other comprehensive income (loss)
