Reference no: EM132720507
Question - Capollo's long-term available-for-sale portfolio at December 31, 2010, consists of the following.
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Available-for-Sale Securities
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Cost
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Fair Value
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45,000 shares of Company R common stock
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$1,118,250
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$1,198,125
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17,000 shares of Company S common stock
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616,760
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586,500
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22,000 shares of Company T common stock
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294,470
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303,600
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Capollo enters into the following long-term investment transactions during year 2011.
Jan. 13 Sold 4,250 shares of Company S stock for $144,500 less a brokerage fee of $2,390.
Mar. 24 Purchased 31,000 shares of Company U common stock for $565,750 plus a brokerage fee of $9,900. The shares represent a 62% ownership interest in Company U.
Apr. 5 Purchased 85,000 shares of Company V common stock for $267,750 plus a brokerage fee of $4,500. The shares represent a 10% ownership in Company V.
Sept. 2 Sold 22,000 shares of Company T common stock for $313,500 less a brokerage fee of $5,400.
Sept. 27 Purchased 5,000 shares of Company W common stock for $101,000 plus a brokerage fee of $2,100. The shares represent a 25% ownership interest in Company W.
Oct. 30 Purchased 10,000 shares of Company X common stock for $97,500 plus a brokerage fee of $2,340. The shares represent a 13% ownership interest in Company X.
The fair values of its investments at December 31, 2011, are: R, $1,136,250; S, $420,750; U, $545,600; V, $269,875; W, $109,375; and X, $91,250
Required -
1. Determine the amount Capollo should report on its December 31, 2011, balance sheet for its long-term investments in available-for-sale securities.
2. Prepared any necessary December 31, 2011, adjusting entry to record the fair value adjustment of the long-term investments in available-for-sale securities.
3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale securities should Capollo report on its December 31, 2011, income statement?
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