Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stoll Co.s long-term available-for-sale portfolio at December 31, 2012, consists of the following. Available-for-Sale Securities Cost Fair Value 55,000 shares of Company A common stock

Stoll Co.s long-term available-for-sale portfolio at December 31, 2012, consists of the following.

Available-for-Sale Securities Cost Fair Value
55,000 shares of Company A common stock $ 1,043,600 $ 910,000
36,000 shares of Company B common stock 346,750 336,000
38,000 shares of Company C common stock 1,374,500 1,323,875

Stoll enters into the following long-term investment transactions during year 2013.

Jan. 29 Sold 18,000 shares of Company B common stock for $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 shares represent a 30% ownership in Company W.

July 6

Purchased 12,000 shares of Company X common stock for $260,125 plus a brokerage fee of $3,500. The shares represent a 10% ownership in Company X.

Aug. 22

Purchased 100,000 shares of Company Y common stock for $630,000 plus a brokerage fee of $8,300. The shares represent a 51% ownership in Company Y.

Nov. 13

Purchased 16,000 shares of Company Z common stock for $526,800 plus a brokerage fee of $6,300. The shares represent a 5% ownership in Company Z.

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, 2013, are:

Fair Value
B $ 169,750
C $ 1,227,625
W $ 389,500
X $ 243,250
Y $ 1,069,500
Z $ 564,600

image text in transcribedDetermine the amount Stoll should report on its December 31, 2013, balance sheet for its long-term investments in available-for-sale securities.

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

The Practitioners Blueprint To Construction Auditing

Authors: Ron Risner

1st Edition

0894137263, 978-0894137266

More Books

Students also viewed these Accounting questions

Question

=+(16.32) 81(w) for w A and 0 Answered: 1 week ago

Answered: 1 week ago

Question

3 > O Actual direct-labour hours Standard direct-labour hours...

Answered: 1 week ago