Problem 17-11 Pharoah Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $15,100 $21,100 Poley Corp. 2,100 shares 40,000 41,900 Arnold Aircraft 2,100 shares 72,400 60,300 Totals $127,500 $123,300 Your answer is correct. What should be reported on Pharoah's December 31, 2020, balance sheet relative to these securities? What should be reported on Pharoah's 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Pharoah Corp. Balance Sheet (Partial) December 31, 2020 Current Assets Equity Investments 123,300 $ Income Statement For the Year Ended December 31, 2020 TOther Expenses and Losses Unrealized Holding Gair 4200 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. On December 31, 2021, Pharoah's securities portfolio consisted of the following common stocks. Security Lindsay Jones, Inc. Lindsay Jones, Inc. Duff Company Arnold Aircraft Quantity 1,000 shares 2,100 shares 1,000 shares 2,100 shares Cost $15,100 32,900 15,900 72,400 $136,300 Fair Value $20,100 40,300 12,100 22,000 $94,500 Totals During the year 2021, Pharoah Corp. sold 2,100 shares of Poley Corp. for $38,200 and purchased 2,100 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company. What should be reported on Pharoah's December 31, 2021, balance sheet? What should be reported on Pharoah's 2021 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Pharoah Corp. Balance Sheet (Partial) December 31, 2021 Current Assets Equity Investments 94,500 Pharoah Corp. Income Statement (Partial) For the Year Ended December 31, 2021 TOther Expenses and Losses Loss on Sale of Investor 38200 x TUnrealized Holding Gain or SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. On December 31, 2022, Pharoah's securities portfolio consisted of the following common stocks. Cost Security Arnold Aircraft Duff Company Quantity_ 2,100 shares 500 shares $72,400 7,950 $80,350 Fair Value $82,100 5,900 $88,000 Totals During the year 2022, Pharoah Corp. sold 3,100 shares of Lindsay Jones, Inc. for $39,700 and 500 shares of Duff Company at a loss of $2,800. What should be reported on the face of Pharoah's December 31, 2022, balance sheet? What should be reported on Pharoah's 2022 income statement? (If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Pharoah Corp. Balance Sheet (Partial) December 31, 2022 v Current Assets Equity Investments 88,000 Pharoah Corp. Income Statement (Partial) For the Year Ended December 31, 2022 TOther Expenses and Losses TUnrealized Holding Gain or ! TLoss on Sale of Investmen Click if you would like to Show Work for this question: Open Show Work
