BUSI 2001 Intermediate Accounting 1 Assignment 7- Financial Instruments Your assignment submission must be typed...
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BUSI 2001 Intermediate Accounting 1 Assignment 7- Financial Instruments Your assignment submission must be typed up in either Word or Excel and uploaded (one file only) to the assignment dropbox before midnight November 11, 2018 Problem1 The Nancy Corporation's investments in equity securities at December 31,20x4 is as follows: Original Cost Carrying alue air Value A Corp B Corp C Corp 330,000 710,000 230,000 150,000 S300,000 170,000 300,000 $770,000 S340,000 130,000 280,000 $750,000 Transactions during the 20x5 year Sold A Corp for $350,000 less brokerage fees of $15,000 Sold C Corp for $245,000 less brokerage fees of $6,000 Purchased D Corp for $410,000 plus brokerage fees of $12,000 2. Fair values at December 31, 20x5: B Corp S100,000 D Corp $465,000 Required- Prepare all journal entries for December3, 20x4 through December 31, 20x5 on the assumption that the securities are classified as... a. FVTPL b. FVTOCI. The net income for the year is $590,000. Prepare the bottom part of the statement of comprehensive income. Reconcile the A*OCI account to the ending balance. opening balance in the
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