Assume that management purchased the stock as trading

Assignment Help Accounting Basics

Reference no: EM13573348

On June 30, 2009, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share. The following information pertains to the price per share of Mitek stock:

Price
12/31/2009 $ 24
12/31/2010 31

Required:
Assume that MetroMedia management purchased the Mitek stock as trading securities. Prepare the journal entries required on each date given. (Omit the "$" sign in your response.)

Assume that management intends to hold the stock as available-for-sale securities for three years or more. Show how the stock investment and its net unrealized losses/gains would be reported at the end of 2013 and 2012 on the classified balance sheet and income statement.

Balance Sheet Partial

At December 31, 2013 2014

Income statement Partial

At December 31, 2013 2014

Assume that management purchased the stock as trading securities. Show how the investment and net unrealized losses/gains would be reported at the end of 2013 and 2012 on the classified balance sheet and income statement

Balance Sheet Partial

At December 31, 2013 2014

Stockholders Equity

Reference no: EM13573348

Questions Cloud

It ended the year with155000 of retained earnings versus : during 2008 bascombakery paid out 33525 of common dividends. it ended the year with155000 of retained earnings versus

The management of dakota industries obtained the following : 1. maxwell company established a center to provide its employee training seminars. maxwell budgeted costs for a weekend

Should violent images and language be censored or banned : instructions this exam is proctored. you are to write a 500-750 word argumentativepersuasive essay on one of the

Using the present value tables in exhibits 26-3 and 26-4 : the following information relates to three independent investment decisions by buckle enterprises each with a 10-year

Assume that management purchased the stock as trading : on june 30 2009 metromedia inc. purchased 10000 shares of mitek stock for 20 per share. the following information

The before-tax dividend yield on the preferredstock is 13 : your corporation has amarginal tax rate of 35 and has purchased preferred stock inanother company. the before-tax

Compute the average product cost per bookcase round your : heritage company manufactures a beautiful bookcase that enjoys widespread popularity. the company has a backlog of

Describe the artificial norms premised by the post-war : 1 compare wwi to wwii from an american perspective especially how the lessons learned varied.2 explain how wwii ended

Management of modugno corporation is considering whether to : management of modugno corporation is considering whether to purchase a new model 370 machine costing 464000 or a new

User Account

All Pages