Reference no: EM132933876
Question - Big Co. purchases shares of Little Co starting on 1/1/21. Little Co. has 100,000 shares of stock outstanding.
Relevant data shown below:
1/1/21: Purchased 5,000 shares at $18/share, plus $10 commission.
11/1/21: Little Co. paid common dividends totaling $10,000.
12/31/21: Little Co. stock trading at $20/share.
4/1/22: Purchased 6,000 shares at $21/share, plus $10 commission.
11/1/22: Little Co. paid dividends totaling $10,000.
12/31/22: Little Co stock trading at $19/share.
3/1/23: Sold 1,000 shares of Little Co stock at $19.50/share, less $10 commission.
Assume Big uses FIFO to account for their investment in these shares.
Required - Prepare entries to record the preceding transactions, and answer the following questions.
1. What would be recorded as the cost of the investment on 1/1/21?
2. How much of an unrealized gain or loss is recorded at 12/31/21?
3. How much is received as dividends on 11/1/22?
4. What is the balance in the "investment in Little" account at 12/31/22?
5. What is our TOTAL unrealized gain or loss at 12/31/22? ("xx,xxx gain" or "xx,xxx loss") (not the 12/31/22 adjusting entry, but the overall unrealized gain or loss at the end of the year)
6. How much of an unrealized gain or loss is reported on the 2022 statement of comprehensive income? ("xx,xxx gain" or "xx,xxx loss") (the amount of the adjusting entry at 12/31/22)
7. Assuming that Big uses the FIFO method to account for their "inventory" of Little shares, what is the gain or loss reported on the sale of the shares on 3/1/23? ("xx,xxx gain" or "xx,xxx loss"). Be sure to use the EXACT cost of the shares being sold (either a fraction of the total cost of the 5,000 shares acquired, or work the cost per share out to the last decimal place).
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