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Print Assignment: Chapter 12 Homework ::false Page 1 of 7 Exercise 12-2 Jenek Corporation had the following transactions pertaining to debt investments. 1. Purchased 32 9%, $1,800 Leeds Co. bonds for $57,600 cash on January 1, 2017. Interest is payable annually on January 1. 2. Accrued interest on Leeds Co. bonds on December 31, 2017. 3. Received interest on Leeds Co. bonds on January 1, 2018. 4. Sold 19 Leeds Co. bonds for $38,016 on January 1, 2018. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (To record interest received) (To record sale of bonds) Exercise 12-4 (Part Level Submission) Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 830 shares of Wade common stock (2%) for $9,960 cash. July 1 Received cash dividends of $2 per share on Wade common stock. Sept. 1 Dec. 1 Sold 100 shares of Wade common stock for $1,622. Received cash dividends of $1 per share on Wade common stock. (a) http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Print Assignment: Chapter 12 Homework ::false Page 2 of 7 Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (b) How would the dividend revenue and the gain (loss) on sale be reported in the income statement? Dividend revenue and the gain on sale of stock investments are reported under in the income statement. Exercise 12-5 Nosker Inc. had the following transactions pertaining to investments in common stock. Jan. July 1 Purchased 4,300 shares of Escalante Corporation common stock (4%) for $240,800 cash. 1 Received a cash dividend of $4 per share. Dec. 1 Sold 860 shares of Escalante Corporation common stock for $55,040 cash. Dec. 31 Received a cash dividend of $4 per share. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Print Assignment: Chapter 12 Homework ::false Page 3 of 7 Exercise 12-8 Presented below are two independent situations. 1. Gambino Cosmetics acquired 10% of the 210,000 shares of common stock of Nevins Fashion at a total cost of $15 per share on March 18, 2017. On June 30, Nevins declared and paid a $78,000 dividend. On December 31, Nevins reported net income of $127,000 for the year. At December 31, the market price of Nevins Fashion was $17 per share. The stock is classified as available-for-sale. 2. Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan's 24,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2017. On June 15, Rogan declared and paid a cash dividend of $34,000. On December 31, Rogan reported a net income of $77,000 for the year. Prepare all the necessary journal entries for 2017 for (a) Gambino Cosmetics and (b) Kanza, Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (a) (b) http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Print Assignment: Chapter 12 Homework ::false Page 4 of 7 Exercise 12-10 (Part Level Submission) At December 31, 2017, the trading securities for Storrer, Inc. are as follows. Security Cost Fair Value A $17,400 $16,100 B 12,100 14,400 23,000 18,500 $52,500 C $49,000 (a) 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. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (b) Show the balance sheet and income statement presentation at December 31, 2017, after adjustment to fair value. (Enter account name only and do not provide descriptive information.) Storrer, Inc. Balance Sheet (Partial) $ Storrer, Inc. Income Statement (Partial) http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Print Assignment: Chapter 12 Homework ::false Page 5 of 7 $ Problem 12-2A (Part Level Submission) In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 450 shares of Muninger common stock for $24,300. Mar. 1 Purchased 630 shares of Tatman common stock for $15,750. Apr. 1 Purchased 40 $1,050, 9% Yoakem bonds for $42,000. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.50 per share on the Muninger common stock. Aug. 1 Sept. 1 Sold 150 shares of Muninger common stock at $64 per share. Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $41,000. At December 31, the fair value of the Muninger common stock was $55 per share. The fair value of the Tatman common stock was $24 per share. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. If the ending balance is 0 select Dec. 31 Bal. for the date and enter 0 for the normal balance for that account.) Date Account Titles and Explanation Debit Credit http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Print Assignment: Chapter 12 Homework ::false Page 6 of 7 (To record interest) Oct. 1 (To record sale) Stock Investments Debt Investments (b) Prepare the adjusting entry at December 31, 2017, to report the investments at fair value. All securities are considered to be trading securities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit (c) Show the balance sheet presentation of investments at December 31, 2017. (Enter account name only and do not provide descriptive information.) http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Print Assignment: Chapter 12 Homework ::false Page 7 of 7 Kinzie Company Balance Sheet (Partial) $ (d) Identify the income statement accounts and give the statement classification of each account. Income Statement Account Category Dividend Revenue Gain on Sale of Stock Investments Interest Revenue Loss on Sale of Debt Investments Unrealized LossIncome http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/1/2016 Exercise 12-2. List Of Accounts List Of Accounts Page 1 of 1 CLOSE Exercise 12-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bonds Payable Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Cost of Goods Sold Debt Investments Discount on Bonds Payable Dividend Revenue Dividends Payable Equipment Fair Value Adjustment-Available-for-Sale Fair Value Adjustment-Trading Fair Value Adjustment-Non-Trading Gain on Sale of Debt Investments Gain on Sale of Stock Investments Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Debt Investments Loss on Sale of Stock Investments No Entry Notes Payable Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Premium on Bonds Payable Prepaid Insurance Revenue from Stock Investments Stock Dividends Stock Investments Unrealized Gain or Loss-Equity Unrealized Gain on Non-Trading Unrealized Gain-Income Unrealized Loss-Income Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. 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