Reference no: EM13750175
Stoll Co.’s long term available-for-sale portfolio at December 31, 2012, consists of the following:
Available-for-Sale Securities
40,000 shares of Company A common Stock... Cost: $535,300 Fair Value: $490,000
7,000 shares of Company B common Stock... Cost: 159,380 Fair Value: 154,000
17,500 shares of Company C common Stock.... Cost: 662,750 Fair Value: 640,938
Stoll enters into the following long term investment transactions during year 2013
January 29 Sold 3,500 shares of Company B common stock for $79,188 less a brokerage fee of $1,500
April 17 Purchased 10,000 shares of Company W common stock for $197,500 plus a brokerage fee of $2,400. The shares represent a 30% ownership in Company W
July 6 Purchased 4,500 shares of Company X common stock for $126,562 plus a brokerage fee of $1,750. The shares represent a 10% ownership in Company X
August 22 Purchased 50,000 shares of Company Y common stock for $375,000 plus a brokerage fee of $1,200. The shares represent a 51% ownership in Company Y
Nov 13 Purchased 8,500 shares of Company Z common stock for $267,900 plus a brokerage fee of $2,450. The shares represent a 5% ownership in Company Z
Dec 9 Sold 40,000 shares of Company A common stock for $515,000 less a brokerage fee of $4,100
The fair values of its investments at December 31, 2013 B: $81,375 C: $610,312 W:$191,250 X: $118,125 Y:$531,250 Z: $278,800
Required
1) Determine the amount of Stoll should report on its December 31 2008 balance sheet for its long term investments and available for sale securities
2) Prepare any necessary December 31, 2008 adjusting entry to record the market value adjustments for the long term investments and available for sale securities
3) What amount of gains or losses on transactions relating to long term investments and available for sale securities should Stoll report on its December 31, 2008 income statement?
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