Unformatted text preview: (loss) ("AOCI") included in the
accompanying consolidated balance sheets consist of the following: CONSOLIDATED STATEMENTS OF CASH FLOWS Investments sold during 2013 originally cost $3.0 million.
152.What was the after-tax realized gain or loss on the sale of available-for-sale securities in 2013? Assume a
40% tax rate. 153.Assuming a constant tax rate of 40%, what was the pre-tax accumulated unrealized gain or loss on
available-for-sale securities at 7/1/2012? 154.Prepare journal entries that Fragrance International recorded at June 30, 2013, to (1) record any necessary
changes to the fair value adjustment for available-for-sale securities and (2) record any tax effects
associated with those changes. 155.Prepare the journal entries for the above transactions. Show calculations.
Bentz Corporation bought and sold several securities during 2013. Listed below is a summary of the
transactions: Required: 156.(1.) Prepare the appropriate journal entry to record the purchase of the stock.
(2.) Prepare the appropriate journal entry to record the sale of the stock.
Krogstad Corporation bought 1,000 shares of Cole Inc. for $90 per share plus a brokerage fee of $1,800.
Three months later, the shares were sold for $110 per share. The brokerage fee on the sale was $2,200.
Required: 157.(1.) Prepare the journal entries to record the acquisition of the two investments.
(2.) Prepare any necessary adjusting entries assuming the stocks are both classified as available for sale
During 2013, Largent Enterprises purchased stock as follows:
May 17, Purchased 1,000 shares of Nugent common stock for $80 per share.
July 12, Purchased 400 shares of Alfredo common stock at $60 per share, plus a $600 brokerage
Largent accounts for these investments as securities available for sale. At December 31, 2013, the market
values of the securities were as follows: Required: Arctic Cat Inc., the snowmobile manufacturer, reported the following in its 20X5 annual report to
NOTE B - SHORT-TERM INVESTMENTS
Short-term investments consist primarily of a diversified portfolio of municipal bonds and money market
funds and are classified as follows at March 31: Trading securities consist of $54,608,000 and $41,707,000 invested in various money market fund...
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- Spring '09
- Balance Sheet, A. Securities