Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz give right answer On December 31, 2021, the end of its first year of operations, Wildhorse Associates owned the following securities that are held

plz give right answer
image text in transcribed
image text in transcribed
image text in transcribed
On December 31, 2021, the end of its first year of operations, Wildhorse Associates owned the following securities that are held as long-term investments. On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. July 1 Received $2.00 per share semiannual cash dividend on D Co. common stock. Aug. 1 Received \$0.S0 per share cashidividend on C Co. common stock. Sept. 1 Sold 1,020 shares of DC Co, common stock for cash at $8 per share. Oct. 1 Sold 310 shares of CC. common stock for cash at $52 per share. Nov. 1 Received $1 per share cash dividend on E Co. common stock. Dec. 15 Received $0.50 per share cash dividend on C Co, common stock. 31 Received $2.00 per share semiannual cash dividend on D Co. common stock. At December 31 , the fair values per share of the common stocks were CC0.$47,DC0.$7.30, and EC,$25. These investments should be classified as long-term. (a) Journalize the 2022 transactions. (Record journal entries in the order presented in the problem. Credit account titles are. automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Stock Investments Gain on Sale of Stock lmwestments Stockinvestments 4. Dividend Risvenue. Dividend Revenue. Falr Value hdjustment-Availabiotorsole Unrealized Gain or coss Eouity

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

Students also viewed these Accounting questions