SONNENT RESOURCES mework Chapter 12 Eche 12-6 Exercise 12- trert 12.10 Eero 12.11 Problem. 12.1A Jan. 1. 2017 Purchased 300W, 15.400 Pharoah Company bonds for 42,000 cash. Interest is payable anualy on January 1 Dec 31, 2017 Accrued interest on the Pharoah Company bands. Jan 1. 2018 Received interest on Pharoah Company bonds Jan 1, 2018 Seld 18 Pharoah Company bonds for 28,140 (a) Journalize the transactions. (Credit account ttles are automatically indested when amount is entered. Do not Indent manually. Record four the order presented in the problem.) Data Account Titles and Explanation Debit Credit Teview Score Review Results by Study Objective (To record interested on Pharoah Comparw bonds) (To record sale of Pharoah Company bonds (5) Prepare the adjusting entry for the accrual of interest at July 1, 2018. (Credile account titles are automatically indented when amount is entered. mally Date Account Titles and Explanation Debit Credit Buy 1 Exercise 12-6 On February 1, Wildhorse Co. SpA purchased 600 ordinary shares (2% ownership) of Culumber Company for C30,00 per share. On March 20, Wildhorse Co. sold 120 shares of Cullumber for 3,408. Wildhorse received a dividend of 2.69 per share on April 25. On June 15, Wildhorse sold 240 shares of Cullumber for 08,741. On July 28, Wildhorse received a dividend of C1.97 per share Prepare the journal entries to record the transactions described above. (round and to declent places, $225. Credite account titles are automatically Indented when amount is entered. Do not Indent mully. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 0 March 20 Question Attempts of 1 used SAVE FOR LATER SUBMIT ANSWER Exercise 12-a Presented below are two independent situations, 1. Chicory Cosmetics acquired 15% of the 177,200 ordinary shares of Racine Fashion at a total cost of Ci1 per share on March 18, 2017. On June 30, Racine Ondared and paid a C68,400 dividend. On December 31, Racine reported net income of 120,390 for the year. At December 31, the market price of Racine Fashion was 13 per share. The stock are classified as non-trading 2. Frank, Ltd., obtained significant influence over Nowak Industries by buying 30% of Nowak's 36,000 outstanding ordinary shares at a total cost of CB per share on January 1, 2017. On June 15, Nowak declared and paid a cash dividend of 20,000. On December 31, Nowak reported a net income of C86,900 for the year. wdy Prepare all the necessary youmal entries for 2017 for (a) Chicory Cosmetics and (b) Frank, Ltd. (Record journal entries in the order presented in the problem. Credit account titles an automatically indented when amount senterad. De not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) 3 (b) MacBook Pro 11 80 INTRO FINANCIAL ACCOUNTING IFRS (-) PLUS Weygandt, Financial Accounting: IFRS, 30 CALCULATOR STANDARD VIEW PRINTER VERSION BACK SOURCES erta At December 31, 2017, the end of its first year of operations, the trading securities for Geneva, AG are as follows Secuny CHF 17,300 12,900 22.900 CHF53,100 CHF16,300 14,000 18,600 CHF48,900 by Study Prepare the adjusting entry at December 31, 2017, to report the securities at fair value. (Credit account titles are automatically indented when amount is entered Do not indent manually.) Debt Credit Date Account Tities and Explanation Dec 31 Show the statement of financial position and income statement presentation at December 31, 2017, after adjustment to fair value. Geneva, AG Statement of Financial Position CHE Geneva, AG Income Statement (Detalled) Q Exercise 12-11 At December 31, 2017 the end of its first year of operations the following lists the securities for Geneva, AG. 3 CHF12,700 12,700 22,800 CHF53,200 CHF 16,200 14,400 18.800 CHR49,400 Assume that the investments are dassified as non-trading securities. The securities are considered to be a long-term investment. Prepare the adjusting entry at December 31, 2017, to report the securities at fair value. (Credit account elles are automatically Indented when amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit Dec. 31 Show the statement presentation at December 31, 2017, after adjustment to fair value Geneva, AG Statement of Financial Position CHF CHF MacBook Pro