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Recording the daily operations and the necessary settlement

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Reference no: EM132922133

Question - On March 1, 2019, Carol Company bought the common shares of two companies with a 20% ownership share in each as follows:

Company Name Cost

Company Jane 30000

Company Peter 50000

Total 80000

On December 1, Company C received a dividend of $ 18,000 from its investment in the common stock of Company B, and Company A did not distribute a dividend.

As at December 31, 2019, the fair value of the available-for-sale equity securities portfolio was as follows:

Company Name Cost

Company Jane 24000

Company Peter 60000

Total 84000

On January 1, 2020, Carol Company bought 20,000 shares of Dalia Company at a price of $ 1 per share, and paid $ 4,000 brokerage and VAT on the brokerage value of 5%.

On June 10, 2020, Company Peter sold all of its investment to Company Jane for $ 40,000.

As at December 31, 2020, the fair value of the available-for-sale equity securities portfolio was as follows:

Company Name Cost

Company Peter 70000

Company Dalia 20000

Total 90000

Required -

1- Recording the daily operations and the necessary settlement for the year 2019.

2- Photocopy of the company's portfolio of securities available for sale on December 31, 2019.

3- Recording the daily operations and the necessary settlement for the year 2020.

4- Photocopy of the company's portfolio of securities available for sale on December 31, 2020.

Reference no: EM132922133

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