Reference no: EM131760126

Question: Luminous Publishing, Inc., is a book publisher.

Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, 2016, are as follows:

	No. of Shares		Cost per Share		Total Cost		Total Fair Value
Barns Co. Stock	2,700		$11		$29,700		$27,000
Dynasty Co. Stock	1,000		40		40,000		37,400
					$69,700		$64,400

Note 2. The investment in Quest Co. stock is an equity method investment representing 32% of the outstanding shares of Quest Co.

The following selected investment transactions occurred during 2017:

2017
May 5.	Purchased 3,200 shares of Gypsy, Inc., at $20 per share including brokerage commission. Gypsy, Inc., is classified as an available-for-sale security.
Sept. 1.	Purchased $42,000 of Norton Co. 5%, 10-year bonds at 100. The bonds are classified as available for sale. The bonds pay interest on September 1 and March 1.
Sept. 9.	Dividends of $11,600 are received on the Quest Co. investment.
Dec. 31.	Quest Co. reported a total net income of $100,000 for 2017. Luminous recorded equity earnings for its share of Quest Co. net income.
Dec. 31.	Accrued four months of interest on the Norton bonds.
Dec. 31.	Adjusted the available-for-sale investment portfolio to fair value using the following fair value per-share amounts:

Available-for-Sale Investments	Fair Value
Barns Co. stock	$10 per share
Dynasty Co. stock	$35 per share
Gypsy Inc. stock	$21 per share
Norton Co. bonds	98 per $100 of face amount

Dec. 31.

Closed the Luminous Publishing Inc. net income of $148,100 for 2017. Luminous paid no dividends during 2017.

Required: The comparative unclassified balance sheets for December 31, 2017 and 2016 are provided below. Determine the missing amounts in the unclassified balance sheet. Do not round interim calculations. Round final answers to nearest dollar.

Luminous Publishing, Inc.
Balance Sheet
December 31, 2017 and 2016
	Dec. 31, 2017	Dec. 31, 2016
Cash	$216600	$192400
Accounts Receivable (Net)	135500	125500
Available-for-Sale Investments (at Cost) - Note 1		69700
Less Valuation Allowance for Available-for-Sale Investments		5300
Available-for-Sale Investments (Fair Value)	$	$64400
Interest Receivable	$
Investment in Quest Co. Stock - Note 2		$ 68500
Office Equipment (Net)	113800	119800
Total Assets	$	$570600
Accounts Payable	$ 72800	$ 65600
Common Stock	62800	62800
Excess of Issue Price Over Par	199700	199700
Retained Earnings		247800
Unrealized Gain (Loss) on Available-for-Sale Investments		(5300)
Total Liabilities and Stockholders' Equity	$	$570600