Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact The year-end fair values per share are: Kohler Co., $30.00; JCW Co., $52.50; and Ontario Co., $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. Cost S Cost of investments at December 31: Kohler Company stock JCW Co. stock Ontario Co. Total cost # of Shares 2,400 4,500 2,000 69,600 243,000 $ 312,600 Fair Value $ Fair value of investments at December 31: Kohler Company stock JCW Co. stock Ontario Co. Total fair value # of Shares Fair value per share 2,400 $ 30.00 4,500 $ 52.50 2,000 $ 18.00 72,000 236,250 36,000 344,250 $ Total unrealized gain/loss as of December 31: Unrealized loss Step 1: Step 2: Determine what the unadjusted balance in the fair value adjustment equals: Determine what the adjusted balance in the fair value adjustment account should equal Determine the amount of the adjustment to the fair value adjustment account required to get from Step 1 to Step 2: Step 3: Trial Balance Transaction Analysis 7 GL1501 - Based on Problem 15-4A LO P4 10 points Porter Corp. had no short-term investments prior to year 2017. It had the following transactions involving short-term investments in available-for-sale securities during 2017, Apr. 16 Purchased 6,000 shares of Kohler Co. stock at $29 per share. July 7 Purchased 4,500 shares of JCW Co. stock at $54 per share. 20 Purchased 2,000 shares of Ontario Co. stock at $21 per share. Aug. 15 Received an $1.40 per share cash dividend on the Kohler co. stock. 28 Sold 3,600 shares of Kohler Co. stock at $32 per share. Oct. 1 Received a $5.00 per share cash dividend on the JCW Co. shares. Dec. 15 Received a $1.70 per share cash dividend on the remaining Kohler Co. shares. 31 Received a $4.40 per share cash dividend on the JCW Co. shares. X Answer is not complete. Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prepare journal entries to record each of the transactions and events for 2019. Prepare the year-end adjustment to fair value, if any. 7 Prepare journal entries to record each of the transactions and events for 2019. Prepare the year-end adjustment to fair value, if any. No Date Account Title Debit Credit 1 Apr 16 174.000 10 points Stock investments Cash 174,000 2 Jul 07 Stock investments 243,000 Cash 243,000 3 3 Jul 20 42,000 Stock investments Cash 42,000 4 Aug 15 Cash 8,400 Dividend revenue 8,400 5 Aug 28 115,200 Cash Stock investments Gain on sale of stock investments 00 00 00 00 00 00 00 00 00 104,400 10,800 6 Oct 01 Cash 22,500 Dividend revenue 22,500 7 Dec 15 4,080 Cash Dividend revenue 4,080 8 Dec a Dec 31 Cash 19,800 Dividend revenue 19,800 9 Dec 31 Unrealized loss -Income Fair Value Adjustment - Stock Investments Requirement General Journal General Ledger Trial Balance Fair Value Adj Transaction Analysis Fin St Impact Prepare journal entries to record each of the transactions and events for 2019. Prepare the year-end adjustment to fair value, if any. View transaction list Journal entry worksheet
