Problem 1 The Nancy Corporation's investments in equity securities at December 31, 20x4 is as...
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Problem 1 The Nancy Corporation's investments in equity securities at December 31, 20x4 is as follows Original Cost Carrying Value air Value A Corp B Corp C Corp $230,000 150,000 330,000 710,000 $300,000 170,000 300,000 S770,000 $340,000 130,000 280,000 $750,000 Transactions during the 20x5 year: Sold A Corp for S350,000 less brokerage fees of S15,000 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 S465,000 Required Prepare all journal entries for December 31,20x4 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 opening balance in the A OCI account to the ending balance
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