Reference no: EM132998658
Question - The transactions given below relate to a fund being accumulated by Raymond Company over a period of 20 years for the construction of additional buildings.
1. Cash is transferred from the general cash account to the fund.
2. Preference shares of Mike Company are purchased as an investment of the fund.
3. Bonds of SeaLand Corporation are purchased between interest payment dates at a discount, as an investment of the fund.
4. Dividends are received on Mike Company preference shares.
5. Expenses of the fund are paid.
6. Interest is collected on SeaLand Corporation bonds.
7. Purchased Orange Place Corporation ordinary shares.
8. Sea Corporation bonds are sold at a gain between interest payment dates.
9. Received cash dividend on Orange Place Corporation ordinary shares.
10. Sold Mike Company preference shares and Orange Place Corporation ordinary shares at a gain.
11. Cash is paid for building construction.
12. The remaining cash balance in the fund is transferred to the general cash account.
Requirement - Prepare pro-forma entries to record the foregoing transactions relating to the fund.
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