The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $ 1,995,000 (210,000) No changes occurred during 2024 In the Investment portfolio. $ 1,785,000 Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,359,000. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.
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- Required Information Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. $ 1,745, 000 (185, 000) $ 1,560,000 Exercise 12-17 (Algo) Part 3 3. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,755,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction listAssignment for ACG3111 This is the problem: The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets: Investments in IBM common shares 1,845,000 Less: Fair Value Adjustment (195,000) 1,650,000 No changes occurred during 2018 in the investment portfolio. Prepare appropriate adjusting entries at Dec 31, 2018, assuming that the values of the common share were: 1,315,000 My question is if this problem is relating to an AFS security, the unrealized holding loss on AFS investment would be debited to OCI instead of NI. However, when I did my homework, it seems that the correct answer is unrealized holding loss on AFS investment - NI. Could you tell me the explanation behind this answer, please?Journal entry worksheet 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,283,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
- Required Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2021 in the investment portfolio. xercise 12-17 (Algo) Part 1 equired: Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,187,00 o entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $1,395,000 (150,000) $1,245,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,187,000.[The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $ 1,545,000 (165,000) $ 1,380,000 No changes occurred during 2024 in the investment portfolio. 2. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,390,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,390,000. Note: Enter debits before credits.The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024. Investment income or (loss) Additional information: 1. 2. 3. $13,400 18,300 (600) The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $3,100, and loss on sale of the FVTPL investments of $3,700. The carrying amount of the FVTPL investment sold was $4,900.
- 1. How much is the realized gain or loss on the sale of Djursholm Corp. ordinary shares on April 1, 2022? 2. The 2,100 ordinary shares of Stockholm Corp. purchased on May 1, 2022, should be initially measured at how much? 3. Sweden’s December 31, 2022, statement of financial position should report financial assets at fair value through other comprehensive income at what amount?(ii) Portfolio Investment -306 125 Assets -153 -556 Liabilities -154 681 Portfolio Investments Assets -153 implies that the possible transaction could be of the following type Select one: O a. Omani Company sold shares in a foreign stock exchange O b. Omani Company purchased shares from a foreign stock exchange O c. None of these O d. Foreign Companies sold shares in MSM O e. Foreign Companies bought shares in MSMUnder US GAAP ABC Company has provided the following information related to its investment in marketable equity securities: MARKETABLE VALUES COST. YEAR 2 YEAR 1 Trading $150,000. $155,000. $100,000 Available for sale $150,000. 130,000. $120,000 Based on the above information provided, what amount should ABC Company report in earnings Year 2?
- Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?- What is the unrealized gain (loss) reported in profit or loss for the year 2021?A. P31,000B. (P31,000)C. P43,000D. (P43,000) - How much was the gain or loss on the sale of CD shares? A. P1,100 gain B. P2,000 gain C. P15,000 loss D. P15,900 lossProblem 17-5 (AICPA Adapted) Investment in Hall Company at equity statement of financial position: Accounts receivable, net of allowance Fearsome Company showed the following comparative 2021 2020 Cash and cash equivalents 2,350,000 600,000 1,000,000 2,200,000 2,000,000 5,000,000 1,050,000) ( 800,000) 400,000 350,000 700,000 850,000 2,000,000 1,500,000 4,000,000 Inventory Land Property, plant and equipment. Accumulated depreciation Goodwill 400,000 12,500,000 9,000,000 Accounts payable Note payable - long term Bonds payable Share capital, P100 par Share premium Retained earnings Treasury shares, at cost 600,000 500,000 1,600,000 5,250,000 2,700,000 1,850,000 550,000 2,100,000 4,000,000 1,750,000 1,300,000 700,000) 12,500,000 9,000,000 Additional information for 2021 1. The net income for the current year was P3,050,000. 2. Cash dividend paid amounted to P2,500,000. 3. The entity sold equipment costing P200,000, with carrying amount of P50,000, for P70,000 cash. 4. The entity issued…