Extra_Credit_Activity_forSections_B_and_D - Student Name: _...

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Student Name: ______________________ BUS 208 A, B, C or D (circle one) Fall 2008, AUBG EXTRA CREDIT ACTIVITY - OPTIONAL (Chapters 9, 10, and 11) This extra credit activity is due on October 24 th 2008 , the first 10 minutes of class. It is optional, but strongly recommended, to complete this activity. This will be your only opportunity during the semester to earn extra credit points. Late work will not be accepted. 60 points maximum. Will count as 3% maximum toward your semester grade. Part I. Financial instruments. (15 points) On January 31, 2008, Cyprus Corporation purchased the following shares of voting common stock as long-term investments in available-for-sale securities. There is no significant influence on the part of Cyprus over Orange and Kiwi, nor a parent-subsidiaries relationship (control). The accounting period ends December 31. Stock Cost Market Value December 31, 2008 Market Value December 31, 2009 Orange Corporation $15,000 $12,000 $14,000 Kiwi Corporation $13,000 $12,000 $13,000 All of the Kiwi Corporation stock was subsequently sold by Cyprus for $13,500 on January 12, 2010. Give the required journal entries at the following dates: January 31, 2008: DR CR December 31, 2008: December 31, 2009: 1
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This note was uploaded on 12/10/2009 for the course BUS 311 taught by Professor Fas during the Spring '09 term at American University in Bulgaria.

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Extra_Credit_Activity_forSections_B_and_D - Student Name: _...

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