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Intermediate Chapter 9

In: Business and Management

Submitted By samar324
Words 819
Pages 4
March 6, 2012
ACCT 231 Carol Smith

2011 | | Company A | | | Apr. 1 | Cash | $ 24,350 | | | Commission Expense | 150 | | | Investment Income/Loss | 500 | | | Investment in Company A | | $ 25,000 | | (Sold Company A shares) | | | | | Company B | | | Dec. 31 | Investment in Company B | 1,000 | | | Investment Income/Loss | | 1,000 | | (Fair Value-Carrying Value=$43,500-$42,500=$1,000) | | | | | Company C | | | Dec. 31 | Cash | 7,500 | | | Investment in Company C | | 500 | | Interest Income/Loss | | 7,000 | | (FV=150,000; PV=-151,500; N=3; PMT=7,500; I=4.6353% | | | | | Company D | | | Nov. 15 | Holding Loss on Company D | 5,000 | | | Investment in Company D | | 5,000 | | ($39,000-$44,000) | | | | | | | Nov. 15 | Cash | 38,770 | | | Commission Expense | 230 | | | Investment in Company D | | 39,000 | | (Sold 2,000 shares @$19.50 each=$39,000$39,000-$230brokerage fees=$38,770) | | | | | | | Nov. 15 | Loss on Sale of Company D | 1,700 | | | Holding Loss on Company D | | 1,700 | | ($5,000 loss-$3,300 gain=$1,700 loss) | | | | | | | Dec. 31 | Holding Loss on Company D | 7,200 | | | Investment in Company D | | 7,200 | | ( FV: 3,000shares@$19.6=$58,800 CV: 3,000shares@$22 =$66,000Loss =$7,200 Year end adjustment) | | | 2011 | | Company E | | | Feb. 15 | Investment in Company E | $ 3,080 | | | Holding Gain on Company E | | $ 3,080 | | (Adjust investment to the carrying valueSelling price$80,080-Carrying Value$77,000=$3,080gain) | | | | | | | Feb. 15 | Cash | 79,596 | | | Commission Expense | 484 | | | Investment in Company E | | 80,080 | | (Sold Company E shares less brokerage feesSelling prive$80,080-Brokerage fees$484=$79,596cash) | | | |

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