User Account

All Pages

Provide the journal entry when the share was acquired

Assignment Help Accounting Basics
Reference no: EM133081469

Question - On September 1, 2017, Samina Inc. acquired 500 preferred shares of Mcculy Limited at $8 per share.  In addition, Samina Inc. also paid brokerage fee of $150 for the acquisition.  Samina Inc. designated the investment as FVTOCI. The annual reporting period ends December 31.  Quoted fair value of the preferred share on December 31, 2017 was $12 per share.

Mcculy Limited declared and paid $1.50 per share to its preferred shareholders on December 31, 2014.  On April 22, 2018, Samina Inc. sold all Mcculy Limited preferred shares for $10 per share and the brokerage fee of this transaction was $200.  Balance of the equity reserve for holding gains/losses will be reclassified to retained earnings after realization.

Required -

Prepared Samina Inc.'s journal entries for the above events.

Assuming Samina Inc. designated the investment as FVTPL, please provide the journal entry when the share was acquired on September 1, 2017.

Reference no: EM133081469

Questions Cloud

What will be your expected total after-tax rate of return : If you purchase the shares, what will be your expected total after-tax rate of return from the investment and selling the shares after 1 year
Explanation of the term knowledge management : A brief explanation of the term ‘Knowledge Management'. Explanation for the fast-growing interest on the part of companies to employ Knowledge Managers.
Calculate how much the preferred shareholders will receive : Calculate how much the preferred and common shareholders will receive - The preferred is cumulative and fully participating
Ideas on how to increase revenue or reimbursement : Provide 5 ideas on how to increase revenue or reimbursement. This answer can include short-term and long-term goals.
Provide the journal entry when the share was acquired : Assuming Samina Inc. designated the investment as FVTPL, please provide the journal entry when the share was acquired on September 1, 2017
Prevent and manage workplace stress : What can organizations do to prevent and manage workplace stress? How can individuals manage their own stress? What specific changes can they make?
Prepare the may and november journal entries : On November 4, Zirbal reissued 1,150 shares of this treasury stock for $11,500. Prepare the May 3 and November 4 journal entries
Today competitive environment : Discussion forum, pretend that you work for a marketing firm. Knowing that effective marketing is of increasing importance in today's competitive environment
Calculate payroll for Karen and Adam : Calculate payroll for Karen, and Adam for June 14th and June 28 payrolls. These employees are paid bi-weekly, meaning every other week

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd