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The balance sheet of Southern Developments Corp, at the start of the year included these balances: Short-term investments $ 285,000 Investments in significantly influenced and

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The balance sheet of Southern Developments Corp, at the start of the year included these balances: Short-term investments $ 285,000 Investments in significantly influenced and other companies 2,800,000 Assume the company completed the following investment transactions during 2020: Click the icon to view list of transactions.) Required Requirement 1. Record the transactions in the general Journal of Southern Developments Corp. Mar 3. Purchased 10,000 common shares as a short-term investment, paying $28.50 per share, plus brokerage commission of $600. (Record debits first, then credits. Exclude explanations from Journal entries.) Journal Entry Date Accounts Debit Credit Mar 3 Mar 4 Purchased additional shares in a company that is significantly influenced by Southern Developments Corp at a cost of $670,000, plus brokerage commission of $5,500 Journal Entry Click the icon to view list of transactions.) Required Mar. 4. Purchased additional shares in a company that is significantly influenced by Southern Developments Corp. at a cost of $670,000, plus brokerage commission of $5,500 Journal Entry Date Accounts Credit Debit Mar 4 May 14, Received serni-annual cash dividend of $2.30 per share on the short-term investment purchased March 3. Journal Entry Date Accounts Debit Credit May 14 Choose from any list or enter any number in the input fields and then continue to the next question Required Jun. 15. Received cash dividend of $75,000 from a significantly influenced company. Journal Entry Date Accounts Debit Credit Jun. 15 Aug 28. Sold the short-term investment (purchased on March 3) for $25.00 per share, less brokerage commission of $800. Journal Entry Date Credit Accounts Debit Aug 28 Oct. 24. Purchased other short-term investments for $275,000, plus brokerage commission of $475. Journal Entry Date Accounts Debit Credit Oct 24 Dec. 15. Received a cash dividend of $75,000 from a significantly influenced company Journal Entry Date Accounts Debit Credit Dec. 15 Choose from any list or entorn NE Dec 31. Received annual reports from significantly influenced companies. Their total net income for the year was $1,300,000. Of this amount, Southern Developments Corp's proportion is 35 percent. Journal Entry Accounts Debit Date Credit Dec 31 Requirement 2. Post entries to the Investments in Significantly influenced and Other Companies T-account, and deterrine its balance at December 31, 2020 (Leave any unused cells blank.) Investments in Significantly influenced and Other Companies Requirement 2. Post entries to the Investments in Significantly influenced and Other Companies T-account, and determine its balance at December 31, 2020. (Leave any unused cells blank.) Investments in Significantly influenced and Other Companies Requirement 3. Assume the beginning balance of Short-Term Investments was at a cost of $285,000. Post entries to the Short-Term Investments T-account and determine its balance at December 31, 2020. (Leave any unused cells blank.) Short-Term Investments Choose from any list or enter any number in the input fields and then continue to the next question Requirement 4. Assuming the market value of the short-term investment portfolio is $535,000 at December 31, 2020, show how Southern Developments Corp. would report short-term investments and investments in significantly influenced and other companies on the December 31, 2020, balance sheet Southern Developments Corp. Balance Sheet (partial) December 31, 2020 Current Assets SXXX Cash Short-term investments, at fair value Accounts receivable (net) Total current assets Investments in significantly influenced and other companies XXX XXX

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