Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence. Apri1 16 Purchased 6,000 shares of Gem Company stock at $23.75 per share. July 7 Purchased 3,600 shares of Pepsico stock at $54,00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a $0.85 per share cash dividend on the Gem company stack. August 28 Sold 3,600 shares of Gem cospany stock at $30.50 per share. october 1 Received a $1.70 per share cash dividend on the Pepsico shares. December 15 Received a $1.60 per share cash dividend on the renaining Gem comany shares. December 31 Received a \$1.05 per share cash dividend on the Pepsico shares. The year-end fair values per share are Gem Company, $26,00 : Pepsico, $5125, and Xerox, $15,00. Prepare a table to compare the year-end cost and fair values of Rose's short-term stock investments. Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence. Apri1 16 Purchased 6, 60e shares of Gem company stock at $23.75 per share. July 7 Purchased 3,000 shares of Pepsico stock ot $54,00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a $0.85 per share cash dividend on the Gem Company stock. August 28 sold 3,000 shares of Gem Company stock ot $30,50 per share. October 1 Received a $1.70 per share cash dividend on the Pepsico shares. December 15 Received a $1.00 per share cash dividend on the cemoining Gen Company shares. December 31 Received a $1.05 per share cash dividend on the Pepsico shares. The year-end fair values per share are Gem Company, $26 o0: PepsiCo, $51,25, and Xerox, $15.00. Prepare an adjusting entry to record the year-end fair value adjustment for the portfolio of short-term stock investments. Journal entry worksheet Record the year-end adjusting entry for the securities portfolio. Note: Enter debits before credits. Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence. April 16 Purchased 6,000 shares of Gem company stock at $23.75 per share. July 7 Purchased 3,000 shares of Pepsico stoek at $54. ee per share. July 20 Purchased 1,500 shares of Xerox stock ot $18.00 per share. August 15 Received a s0.85 per share cash dividend on the Gem conpany stock. August 28 Sold 3,000 shares of Gen Company stock at $30,50 per share. October 1 Received a $1.70 per share cash dividend on the Pepsico shares. December 15 Received a $1.60 per share cash dividend on the rehaining Gen Corpany shares. December 31 Received a $1.05 per share cash dividend on the Pepstco shores. The year-end fair values per share are Gem Company, $26,00. Pepsico, $51,25, and Xerox, $15.00. Prepare the current asset section of the balance sheet for the fair value adjustment for Rose short-term investments ote: Amounts to be deducted should be entered with o minus sign. Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence Apri1 16 Purchased 6,000 shares of Gen Company stock at $23,75 per shareJuly 7 Purchased 3,000 shares of Pepsico stock at $54,00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a se.85 per share cash dividend on the Gem company stock. August 28 Sold 3,090 shares of Gem Company stock at $30,50 per share. October 1 Received a \$1.70 per share cash dividend on the pepsico shares. Decenber 15 Received a $1.09 per share cash dividend on the remaining Gen company shares. December 31 Received a $1.05 per share cash dividend on the pepsico shares. The year-end fair values per share are Gem Company, $26.00 : PepsiCo. $5125; and Xerox, $15.00 Identify the dollar increase or decrease from Rose's short-term stock investments on (a) its income statement for this year and (b) the quity section of its balance sheet at this year-end. Selk Steel Company, which began operations in Year 1. had the following transactions and events in its long-term investments. Year 1 January 5 Selk purchased 70,000 shares (20x of total) of kildaire's comon stock for 32,869,690. October 23 Kildaire declared and paid a cash dividend of $3.20 per share. December 31 Kildaire's net incooe for the year is $1,132,600, and the fair value of its stock at December a1 Is \$47 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.30 per share. December 31 Kildaire's net income for the year is $1,126,000, and the fair value of its stock at December 31 is $50 per share. Year 3 January 2 selk sold 35 (equal to 2,100 shares) of its investment in kildoire for 588,200 cash. Required: Required: Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire its 20% share of stock. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and events for Selk. Journal entry worksheet Selk Steel Company, which began operations in Year 1, had the following transactions and events in its fong-term investments. Year 1 January 5 Selk purchased 70,000 shares (20k of total) of kildalre's common stock for $2,800,600, October 23 kildaire declared and paid a cash dividend of $3.20 per share. Deceaber 31 Kildaire's net income for the year is $1,132,000, and the fair value of its stock at Decenber 31 is $47 per share. Year 2 Octaber 15 Kildaire declared and paid a cash dividend of $2.30 per share. December 31 kildaire's net, income for the year-is $1,126,000, and the fair value of its stock at December 31 is $50 per share. Year 3 January 2 selk sold 38 (equal to 2,100 shares) of its investaent in kildaire for $68,200 cash. Assume that although Selk owns 20% of Kildaire's outstanding stock; circumstances indicate that it does not have a significant influence over the investee. Required: Required: Preparnal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence. Apri1 16 Purchased 6,000 shares of Gem Company stock at $23.75 per share. July 7 Purchased 3,600 shares of Pepsico stock at $54,00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a $0.85 per share cash dividend on the Gem company stack. August 28 Sold 3,600 shares of Gem cospany stock at $30.50 per share. october 1 Received a $1.70 per share cash dividend on the Pepsico shares. December 15 Received a $1.60 per share cash dividend on the renaining Gem comany shares. December 31 Received a \$1.05 per share cash dividend on the Pepsico shares. The year-end fair values per share are Gem Company, $26,00 : Pepsico, $5125, and Xerox, $15,00. Prepare a table to compare the year-end cost and fair values of Rose's short-term stock investments. Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence. Apri1 16 Purchased 6, 60e shares of Gem company stock at $23.75 per share. July 7 Purchased 3,000 shares of Pepsico stock ot $54,00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a $0.85 per share cash dividend on the Gem Company stock. August 28 sold 3,000 shares of Gem Company stock ot $30,50 per share. October 1 Received a $1.70 per share cash dividend on the Pepsico shares. December 15 Received a $1.00 per share cash dividend on the cemoining Gen Company shares. December 31 Received a $1.05 per share cash dividend on the Pepsico shares. The year-end fair values per share are Gem Company, $26 o0: PepsiCo, $51,25, and Xerox, $15.00. Prepare an adjusting entry to record the year-end fair value adjustment for the portfolio of short-term stock investments. Journal entry worksheet Record the year-end adjusting entry for the securities portfolio. Note: Enter debits before credits. Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence. April 16 Purchased 6,000 shares of Gem company stock at $23.75 per share. July 7 Purchased 3,000 shares of Pepsico stoek at $54. ee per share. July 20 Purchased 1,500 shares of Xerox stock ot $18.00 per share. August 15 Received a s0.85 per share cash dividend on the Gem conpany stock. August 28 Sold 3,000 shares of Gen Company stock at $30,50 per share. October 1 Received a $1.70 per share cash dividend on the Pepsico shares. December 15 Received a $1.60 per share cash dividend on the rehaining Gen Corpany shares. December 31 Received a $1.05 per share cash dividend on the Pepstco shores. The year-end fair values per share are Gem Company, $26,00. Pepsico, $51,25, and Xerox, $15.00. Prepare the current asset section of the balance sheet for the fair value adjustment for Rose short-term investments ote: Amounts to be deducted should be entered with o minus sign. Rose Company had no short-term investments prior to this year. It had the following transactions this year involving shortterm stock investments with insignificant influence Apri1 16 Purchased 6,000 shares of Gen Company stock at $23,75 per shareJuly 7 Purchased 3,000 shares of Pepsico stock at $54,00 per share. July 20 Purchased 1,500 shares of Xerox stock at $18.00 per share. August 15 Received a se.85 per share cash dividend on the Gem company stock. August 28 Sold 3,090 shares of Gem Company stock at $30,50 per share. October 1 Received a \$1.70 per share cash dividend on the pepsico shares. Decenber 15 Received a $1.09 per share cash dividend on the remaining Gen company shares. December 31 Received a $1.05 per share cash dividend on the pepsico shares. The year-end fair values per share are Gem Company, $26.00 : PepsiCo. $5125; and Xerox, $15.00 Identify the dollar increase or decrease from Rose's short-term stock investments on (a) its income statement for this year and (b) the quity section of its balance sheet at this year-end. Selk Steel Company, which began operations in Year 1. had the following transactions and events in its long-term investments. Year 1 January 5 Selk purchased 70,000 shares (20x of total) of kildaire's comon stock for 32,869,690. October 23 Kildaire declared and paid a cash dividend of $3.20 per share. December 31 Kildaire's net incooe for the year is $1,132,600, and the fair value of its stock at December a1 Is \$47 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.30 per share. December 31 Kildaire's net income for the year is $1,126,000, and the fair value of its stock at December 31 is $50 per share. Year 3 January 2 selk sold 35 (equal to 2,100 shares) of its investment in kildoire for 588,200 cash. Required: Required: Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire its 20% share of stock. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and events for Selk. Journal entry worksheet Selk Steel Company, which began operations in Year 1, had the following transactions and events in its fong-term investments. Year 1 January 5 Selk purchased 70,000 shares (20k of total) of kildalre's common stock for $2,800,600, October 23 kildaire declared and paid a cash dividend of $3.20 per share. Deceaber 31 Kildaire's net income for the year is $1,132,000, and the fair value of its stock at Decenber 31 is $47 per share. Year 2 Octaber 15 Kildaire declared and paid a cash dividend of $2.30 per share. December 31 kildaire's net, income for the year-is $1,126,000, and the fair value of its stock at December 31 is $50 per share. Year 3 January 2 selk sold 38 (equal to 2,100 shares) of its investaent in kildaire for $68,200 cash. Assume that although Selk owns 20% of Kildaire's outstanding stock; circumstances indicate that it does not have a significant influence over the investee. Required: Required: Preparnal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet