On December 31, 2015, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.
Common Stock
Shares
Cost
Gehring Co.
1,860
$57,660
Wooderson Co.
4,840
48,400
Kitselton Co.
1,520
33,440
On December 31, 2015, the total fair value of the securities was equal to its cost. In 2016, the following transactions occurred.
July
1
Received $2 per share semiannual cash dividend on Wooderson Co. common stock.
Aug.
1
Received $0.50 per share cash dividend on Gehring Co. common stock.
Sept.
1
Sold 1,452 shares of Wooderson Co. common stock for cash at $9 per share.
Oct.
1
Sold 744 shares of Gehring Co. common stock for cash at $34 per share.
Nov.
1
Received $2 per share cash dividend on Kitselton Co. common stock.
Dec.
15
Received $0.50 per share cash dividend on Gehring Co. common stock.
Dec.
31
Received $2 per share semiannual cash dividend on Wooderson Co. common stock.
At December 31, the fair values per share of the common stocks were: Gehring Co. $33, Wooderson Co. $9, and Kitselton Co. $20.
(c
Show the balance sheet presentation of the investments at December 31, 2016. At this date, Turnball Associates has common stock $1,502,000 and retained earnings $1,089,600.
Problem 12-3A (Part Level Submission) On December 31, 2015, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Gehring Co. Wooderson Co. Kitselton Co. Shares 1,860 4,840 1,520 Cost $57,660 48,400 33,440 On December 31, 2015, the total fair value of the securities was equal to its cost. In 2016, the following transactions occurred July 1 Received $2 per share semiannual cash dividend on Wooderson Co. common stock Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock Sept. 1 Sold 1,452 shares of Wooderson Co. common stock for cash at $9 per share. Oct 1 Sold 744 shares of Gehring Co. common stock for cash at $34 per share. Nov. 1 Received $2 per share cash dividend on kitselton Co. common stock Dec 15 Received $0.50 per share cash dividend on Gehring Co. common stock Dec. 31 Received $2 per share semiannual cash dividend on Wooderson Co. common stock. At December 31, the fair values per share of the common stocks were: Gehring Co. $33, Wooderson Co. $9 and kitselton Co. $20. (b) (0) Show the balance sheet presentation of the investments at December 31, 2016. At this date, Tumball Associates has common stock $1,502,000 and retained earnings $1,089.609 Turnball Associates Balance Sheet (Partial) December 31, 2016 SHOW LIST OF ACCOUNTS UNK TO TEXT MacBook Pro
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