Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Problem 15-5A Long-term investment transactions; unrealized and realized gains and losses LO C2, P3, P4 The following information applies to the questions displayed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Required information Problem 15-5A Long-term investment transactions; unrealized and realized gains and losses LO C2, P3, P4 The following information applies to the questions displayed below.] Stoll Co.'s long-term available-for-sale portfolio at December 31, 2016, consists of the following Available-for-Sale Securities 55,000 shares of Company A common stock 36,000 shares of Company B common stock 38,000 shares of Company c common stock Fair Value $1,043,600 $ 910,000 336,000 1,374,500 1,323,875 Cost 346,750 Stoll enters into the following long-term investment transactions during year 2017 Jan. 29 sold 18,000 shares of Company B common stock fr $172,375 less a brokerage fee of $2,900 Apr. 17 Purchased 22,000 shares of Company W common stock for $465,000 plus a brokerage fee of $3,500. The July 6 Purchased 12,000 shares of Company X common stock for $260,125 plus a brokerage fee of $3,500. The Aug. 22 Purchased 100,000 shares of Company Y common stock for $630,000 plus a brokerage fee of $8,300. The Nov. 13 Purchased 16,000 shares of Company 2 common stock for $526,800 plus a brokerage fee of $6,300. The Dec. 9 Sold 55,000 shares of Company A common stock for $1,029,500 less a brokerage fee of $4,100 The fair values of its investments at December 31, 2017, are: B, $169,750; C, $1,227,625; W, $389,500; X, $243,250; Y, shares represent a 30% ownership in Company w. shares represent a 10% ownership in Company X shares represent a 51% ownership in company Y. shares represent a 5% ownership in Company Z. $1,069,500; and Z, 564,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Statistics For Economics Accounting And Business Studies

Authors: Michael Barrow

7th Edition

1292118709, 978-1292118703

More Books

Students also viewed these Accounting questions