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Brooks Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During prosperous years, the company’s profits, coupled with a conservative dividend policy, resulted in funds available for outside investment. Over the years, Brooks has had a policy of investing idle cash in equity securities. In particular, Brooks has made periodic investments in the company’s principal supplier, Norton Industries. Although the firm currently owns 12% of the outstanding common stock of Norton Industries, Brooks does not have significant influence over the operations of Norton Industries.
\r\nCheryl Thomas has recently joined Brooks as assistant controller, and her first assignment is to prepare the 2014 year-end adjusting entries for the accounts that are valued by the “fair value” rule for financial reporting purposes. Thomas has gathered the following information about Brooks’ pertinent accounts.
\r\n1. Brooks has trading securities related to Delaney Motors and Patrick Electric. During this fiscal year,
\r\nBrooks purchased 100,000 shares of Delaney Motors for $1,400,000; these shares currently have a fair value of $1,600,000. Brooks’ investment in Patrick Electric has not been profitable; the company acquired 50,000 shares of Patrick in April 2014 at $20 per share, a purchase that currently has a value of $720,000.
\r\n2. Prior to 2014, Brooks invested $22,500,000 in Norton Industries and has not changed its holdings this year. This investment in Norton Industries was valued at $21,500,000 on December 31, 2013.
\r\nBrooks’ 12% ownership of Norton Industries has a current fair value of $22,225,000.
\r\nInstructions
\r\n(a) Prepare the appropriate adjusting entries for Brooks as of December 31, 2014, to reflect the application of the “fair value” rule for both classes of securities described above.
\r\n(b) For both classes of securities presented above, describe how the results of the valuation adjustments made in (a) would be reflected in the body of and notes to Brooks’ 2014 financial statements.
\r\n(c) Prepare the entries for the Norton investment, assuming that Brooks owns 25% of Norton’s shares.
\r\nNorton reported income of $500,000 in 2014 and paid cash dividends of $100,000.
The following information relates to the debt securities investments of Wildcat Company.
\r\n1. On February 1, the company purchased 10% bonds of Gibbons Co. having a par value of $300,000 at 100 plus accrued interest. Interest is payable April 1 and October 1.
\r\n2. On April 1, semiannual interest is received.
\r\n3. On July 1, 9% bonds of Sampson, Inc. were purchased. These bonds with a par value of $200,000 were purchased at 100 plus accrued interest. Interest dates are June 1 and December 1.
\r\n4. On September 1, bonds with a par value of $60,000, purchased on February 1, are sold at 99 plus accrued interest.
\r\n5. On October 1, semiannual interest is received.
\r\n6. On December 1, semiannual interest is received.
\r\n7. On December 31, the fair value of the bonds purchased February 1 and July 1 are 95 and 93, respectively.
\r\nInstructions
\r\n(a) Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.
\r\n(b) If Wildcat classified these as held-to-maturity investments, explain how the journal entries would differ from those in part (a).
McElroy Company has the following portfolio of investment securities at September 30, 2014, its last reporting date.
\r\nTrading Securities Cost Fair Value
\r\nHorton, Inc. common (5,000 shares) $215,000 $200,000
\r\nMonty, Inc. preferred (3,500 shares) 133,000 140,000
\r\nOakwood Corp. common (1,000 shares) 180,000 179,000
\r\nOn October 10, 2014, the Horton shares were sold at a price of $54 per share. In addition, 3,000 shares of
\r\nPatriot common stock were acquired at $54.50 per share on November 2, 2014. The December 31, 2014, fair values were Monty $106,000, Patriot $132,000, and the Oakwood common $193,000. All the securities are classified as trading.
\r\nInstructions
\r\n(a) Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2014.
\r\n(b) How would the entries in part (a) change if the securities were classified as available-for-sale?
Parnevik Company has the following securities in its investment portfolio on December 31, 2014 (all securities were purchased in 2014): (1) 3,000 shares of Anderson Co. common stock which cost $58,500, (2) 10,000 shares of Munter Ltd. common stock which cost $580,000, and (3) 6,000 shares of King Company preferred stock which cost $255,000. The Fair Value Adjustment account shows a credit of $10,100 at the end of 2014.
\r\nIn 2015, Parnevik completed the following securities transactions.
\r\n1. On January 15, sold 3,000 shares of Anderson’s common stock at $22 per share less fees of $2,150.
\r\n2. On April 17, purchased 1,000 shares of Castle’s common stock at $33.50 per share plus fees of $1,980.
\r\nOn December 31, 2015, the market prices per share of these securities were Munter $61, King $40, and
\r\nCastle $29. In addition, the accounting supervisor of Parnevik told you that, even though all these securities have readily determinable fair values, Parnevik will not actively trade these securities because the top management intends to hold them for more than one year.
\r\nInstructions
\r\n(a) Prepare the entry for the security sale on January 15, 2015.
\r\n(b) Prepare the journal entry to record the security purchase on April 17, 2015.
\r\n(c) Compute the unrealized gains or losses and prepare the adjusting entry for Parnevik on December 31, 2015.
\r\n(d) How should the unrealized gains or losses be reported on Parnevik’s balance sheet?
Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale.
\r\n12/31/14 12/31/15 12/31/16
\r\nAmortized cost $491,150 $519,442 $550,000
\r\nFair value $497,000 $509,000 $550,000
\r\nInstructions
\r\n(a) Indicate whether the bonds were purchased at a discount or at a premium.
\r\n(b) Prepare the adjusting entry to record the bonds at fair value at December 31, 2014. The Fair Value
\r\nAdjustment account has a debit balance of $1,000 prior to adjustment.
\r\n(c) Prepare the adjusting entry to record the bonds at fair value at December 31, 2015.
\r\n
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
\r\nFeb. 1, 2014 Sharapova Company common stock, $100 par, 200 shares $ 37,400
\r\nApril 1 U.S. government bonds, 11%, due April 1, 2024, interest payable
\r\nApril 1 and October 1, 110 bonds of $1,000 par each 110,000
\r\nJuly 1 McGrath Company 12% bonds, par $50,000, dated March 1, 2014, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2034 54,000
\r\nInstructions
\r\n(Round all computations to the nearest dollar.)
\r\n(a) Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale.
\r\n(b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2014, using the straight-line method.
\r\n(c) The fair values of the investments on December 31, 2014, were:
\r\nSharapova Company common stock $ 31,800
\r\nU.S. government bonds 124,700
\r\nMcGrath Company bonds 58,600
\r\nWhat entry or entries, if any, would you recommend be made?
\r\n(d) The U.S. government bonds were sold on July 1, 2015, for $119,200 plus accrued interest. Give the proper entry.
On January 1, 2014, Novotna Company purchased $400,000,
\r\n8% bonds of Aguirre Co. for $369,114. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2019. Novotna Company uses the effective-interest method to amortize discount or premium. On January 1, 2016, Novotna Company sold the bonds for $370,726 after receiving interest to meet its liquidity needs.
\r\nInstructions
\r\n(a) Prepare the journal entry to record the purchase of bonds on January 1. Assume that the bonds are classified as available-for-sale.
\r\n(b) Prepare the amortization schedule for the bonds.
\r\n(c) Prepare the journal entries to record the semiannual interest on July 1, 2014, and December 31, 2014.
\r\n(d) If the fair value of Aguirre bonds is $372,726 on December 31, 2015, prepare the necessary adjusting entry. (Assume the fair value adjustment balance on January 1, 2015, is a debit of $3,375.)
\r\n(e) Prepare the journal entry to record the sale of the bonds on January 1, 2016.
Presented below is an amortization schedule related to Spangler Company’s 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2012, for $108,660.
\r\nCash Interest Bond Premium Carrying Amount
\r\nDate Received Revenue Amortization of Bonds
\r\n12/31/12 $108,660
\r\n12/31/13 $7,000 $5,433 $1,567 107,093
\r\n12/31/14 7,000 5,354 1,646 105,447
\r\n12/31/15 7,000 5,272 1,728 103,719
\r\n12/31/16 7,000 5,186 1,814 101,905
\r\n12/31/17 7,000 5,095 1,905 100,000
\r\nThe following schedule presents a comparison of the amortized cost and fair value of the bonds at year-end.
\r\n12/31/13 12/31/14 12/31/15 12/31/16 12/31/17
\r\nAmortized cost $107,093 $105,447 $103,719 $101,905 $100,000
\r\nFair value $106,500 $107,500 $105,650 $103,000 $100,000
\r\nInstructions
\r\n(a) Prepare the journal entry to record the purchase of these bonds on December 31, 2012, assuming the bonds are classified as held-to-maturity securities.
\r\n(b) Prepare the journal entry(ies) related to the held-to-maturity bonds for 2013.
\r\n(c) Prepare the journal entry(ies) related to the held-to-maturity bonds for 2015.
\r\n(d) Prepare the journal entry(ies) to record the purchase of these bonds, assuming they are classified as available-for-sale.
\r\n(e) Prepare the journal entry(ies) related to the available-for-sale bonds for 2013.
\r\n(f) Prepare the journal entry(ies) related to the available-for-sale bonds for 2015.
Hart Golf Co. uses titanium in the production of its specialty drivers. Hart anticipates that it will need to purchase 200 ounces of titanium in November 2014, for clubs that will be shipped in the spring and summer of 2015. However, if the price of titanium increases, this will increase the cost to produce the clubs, which will result in lower profit margins.
\r\nTo hedge the risk of increased titanium prices, on May 1, 2014, Hart enters into a titanium futures contract and designates this futures contract as a cash flow hedge of the anticipated titanium purchase. The notional amount of the contract is 200 ounces, and the terms of the contract give Hart the option to purchase titanium at a price of $500 per ounce. The price will be good until the contract expires on November 30, 2014.
\r\nAssume the following data with respect to the price of the call options and the titanium inventory purchase
\r\nSpot Price for
\r\nDate November Delivery
\r\nMay 1, 2014 $500 per ounce
\r\nJune 30, 2014 520 per ounce
\r\nSeptember 30, 2014 525 per ounce
\r\nInstructions
\r\nPresent the journal entries for the following dates/transactions.
\r\n(a) May 1, 2014—Inception of futures contract, no premium paid.
\r\n(b) June 30, 2014—Hart prepares financial statements.
\r\n(c) September 30, 2014—Hart prepares financial statements.
\r\n(d) October 5, 2014—Hart purchases 200 ounces of titanium at $525 per ounce and settles the futures contract.
\r\n(e) December 15, 2014—Hart sells clubs containing titanium purchased in October 2014 for $250,000.
\r\nThe cost of the finished goods inventory is $140,000.
\r\n(f) Indicate the amount(s) reported in the income statement related to the futures contract and the inventory transactions on December 31, 2014.
On August 15, 2013, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $360. The notional value of the call option is 400 shares, and the option price is $40. The option expires on January 31, 2014. The following data are available with respect to the call option.
\r\nMarket Price of Counting Time Value of Call
\r\nDate Crows Shares Option
\r\nSeptember 30, 2013 $48 per share $180
\r\nDecember 31, 2013 $46 per share 65
\r\nJanuary 15, 2014 $47 per share 30
\r\nInstructions
\r\nPrepare the journal entries for Outkast for the following dates.
\r\n(a) Investment in call option on Counting Crows shares on August 15, 2013.
\r\n(b) September 30, 2013—Outkast prepares financial statements.
\r\n(c) December 31, 2013—Outkast prepares financial statements.
\r\n(d) January 15, 2014—Outkast settles the call option on the Counting Crows shares.
Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, nonprepayable $1,000,000 note payable on December 31, 2013. It decides to change the interest rate from a fixed rate to variable rate and enters into a swap agreement with M&S Corp. The swap agreement specifies that Sarazan will receive a fixed rate at 7.5% and pay variable with settlement dates that match the interest payments on the debt. Assume that interest rates have declined during 2014 and that Sarazan received $13,000 as an adjustment to interest expense for the settlement at December 31, 2014. The loss related to the debt (due to interest rate changes) was $48,000. The value of the swap contract increased $48,000.
\r\nInstructions
\r\n(a) Prepare the journal entry to record the payment of interest expense on December 31, 2014.
\r\n(b) Prepare the journal entry to record the receipt of the swap settlement on December 31, 2014.
\r\n(c) Prepare the journal entry to record the change in the fair value of the swap contract on December 31,
\r\n2014.
\r\n(d) Prepare the journal entry to record the change in the fair value of the debt on December 31, 2014.
On January 2, 2014, Parton Company issues a 5-year, $10,000,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for the first year is 5.8%.
\r\nParton Company decides it prefers fixed-rate financing and wants to lock in a rate of 6%. As a result,
\r\nParton enters into an interest rate swap to pay 6% fixed and receive LIBOR based on $10 million. The variable rate is reset to 6.6% on January 2, 2015.
\r\nInstructions
\r\n(a) Compute the net interest expense to be reported for this note and related swap transactions as of
\r\nDecember 31, 2014.
\r\n(b) Compute the net interest expense to be reported for this note and related swap transactions as of
\r\nDecember 31, 2015.
On January 2, 2014, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a variable-rate note.
\r\nAs a result, on January 2, 2014, MacCloud Co. enters into an interest rate swap where it agrees to receive 6% fixed and pay LIBOR of 5.7% for the first 6 months on $100,000. At each 6-month period, the variable rate will be reset. The variable rate is reset to 6.7% on June 30, 2014.
\r\nInstructions
\r\n(a) Compute the net interest expense to be reported for this note and related swap transaction as of
\r\nJune 30, 2014.
\r\n(b) Compute the net interest expense to be reported for this note and related swap transaction as of
\r\nDecember 31, 2014.
On January 2, 2014, Jones Company purchases a call option for $300 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2014 (the intrinsic value is therefore $0). On March 31, 2014, the market price for Merchant stock is $53 per share, and the time value of the option is $200.
\r\nInstructions
\r\n(a) Prepare the journal entry to record the purchase of the call option on January 2, 2014.
\r\n(b) Prepare the journal entry(ies) to recognize the change in the fair value of the call option as of
\r\nMarch 31, 2014.
\r\n(c) What was the effect on net income of entering into the derivative transaction for the period January 2 to March 31, 2014?
Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2014. This is Dawson Company’s first year of operations.
\r\nCarrying Fair Value
\r\nAmount (at December 31)
\r\nInvestment in debt securities (intent is to hold to maturity) $ 40,000 $ 41,000
\r\nInvestment in Chen Company stock 800,000 910,000
\r\nBonds payable 220,000 195,000
\r\nInstructions
\r\n(a) Dawson elects to use the fair value option whenever possible. Assuming that Dawson’s net income is $100,000 in 2014 before reporting any securities gains or losses, determine Dawson’s net income for 2014.
\r\n(b) Record the journal entry, if any, necessary at December 31, 2014, to record the fair value option for the bonds payable.
Assume the same information as in E17-19 for Lilly Company. In addition, assume that the investment in the Woods Inc. stock was sold during 2015 for $195,000. At December 31, 2015, the following information relates to its two remaining investments of common stock.
\r\nCost Fair Value (at purchase date) (at December 31)
\r\nInvestment in Arroyo Company stock $100,000 $140,000
\r\nInvestment in Lee Corporation stock 250,000 310,000
\r\nTotal $350,000 $450,000
\r\nNet income before any security gains and losses for 2015 was $905,000.
\r\nInstructions
\r\n(a) Compute the amount of net income or net loss that Lilly should report for 2015, taking into consideration Lilly’s security transactions for 2015.
\r\n(b) Prepare the journal entry to record unrealized gain or loss related to the investment in Arroyo Company stock at December 31, 2015.
Presented below is information related to the purchases of common stock by Lilly Company during 2014.
\r\nCost Fair Value (at purchase date) (at December 31)
\r\nInvestment in Arroyo Company stock $100,000 $ 80,000
\r\nInvestment in Lee Corporation stock 250,000 300,000
\r\nInvestment in Woods Inc. stock 180,000 190,000
\r\nTotal $530,000 $570,000
\r\nInstructions
\r\n(Assume a zero balance for any Fair Value Adjustment account.)
\r\n(a) What entry would Lilly make at December 31, 2014, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option?
\r\n(b) What entry would Lilly make at December 31, 2014, to record the investment in Lee Corporation, assuming that Lilly wants to classify this security as available-for-sale? This security is the only available-for-sale security that Lilly presently owns.
\r\n(c) What entry would Lilly make at December 31, 2014, to record the investment in Woods Inc., assuming that Lilly wants to classify this investment as a trading security?
Hagar Corporation has municipal bonds classified as availablefor- sale at December 31, 2013. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $720,000. The unrealized loss of $80,000 previously recognized as other comprehensive income and as a separate component of stockholders’ equity is now determined to be other than temporary. That is, the company believes that impairment accounting is now appropriate for these bonds.
\r\nInstructions
\r\n(a) Prepare the journal entry to recognize the impairment. No entry is needed to adjust accumulated other comprehensive income.
\r\n(b) What is the new cost basis of the municipal bonds? Given that the maturity value of the bonds is
\r\n$800,000, should Hagar Corporation amortize the difference between the carrying amount and the maturity value over the life of the bonds?
\r\n(c) At December 31, 2014, the fair value of the municipal bonds is $760,000. Prepare the entry (if any) to record this information.
On January 1, 2014, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid dividends of $20,000.
\r\nInstructions
\r\nPrepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2014.
Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2013. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2014. Kulikowski reported net income of $730,000 for 2014. The fair value of Kulikowski’s stock was $27 per share at December 31, 2014.
\r\nInstructions
\r\n(a) Prepare the journal entries for Jaycie Phelps Inc. for 2013 and 2014, assuming that Phelps cannot exercise significant influence over Kulikowski. The securities should be classified as availablefor- sale.
\r\n(b) Prepare the journal entries for Jaycie Phelps Inc. for 2013 and 2014, assuming that Phelps can exercise significant influence over Kulikowski.
\r\n(c) At what amount is the investment in securities reported on the balance sheet under each of these methods at December 31, 2014? What is the total net income reported in 2014 under each of these methods?
Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2013.
\r\nInvestments (Trading) Cost Fair Value 1,500 shares of Gordon, Inc., Common $ 73,500 $ 69,000
\r\n5,000 shares of Wallace Corp., Common 180,000 175,000
\r\n400 shares of Martin, Inc., Preferred 60,000 61,600
\r\n$313,500 $305,600
\r\nAll of the securities were purchased in 2013.
\r\nIn 2014, Kenseth completed the following securities transactions.
\r\nMarch 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of $1,200
\r\nApril 1 Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300
\r\nKenseth Company’s portfolio of trading securities appeared as follows on December 31, 2014.
\r\nInvestments (Trading) Cost Fair Value
\r\n5,000 shares of Wallace Corp., Common $180,000 $175,000
\r\n700 shares of Earnhart Corp., Common 53,800 50,400
\r\n400 shares of Martin, Inc., Preferred 60,000 58,000
\r\n$293,800 $283,400
\r\nInstructions
\r\nPrepare the general journal entries for Kenseth Company for:
\r\n(a) The 2013 adjusting entry.
\r\n(b) The sale of the Gordon stock.
\r\n(c) The purchase of the Earnhart stock.
\r\n(d) The 2014 adjusting entry for the trading portfolio.
Oregon Co. had purchased 200 shares of Washington Co. for $40 each this year and classified the investment as a trading security. Oregon Co. sold 100 shares of the stock for $45 each. At year-end, the price per share of the Washington Co. stock had dropped to $35.
\r\nInstructions
\r\nPrepare the journal entries for these transactions and any year-end adjustments.
Parent Co. invested $1,000,000 in Sub Co. for 25% of its outstanding stock. Sub Co. pays out 40% of net income in dividends each year.
\r\nInstructions
\r\nUse the information in the following T-account for the investment in Sub to answer the following questions. Investment in Sub Co.
\r\n1,000,000
\r\n110,000
\r\n44,000
\r\n(a) How much was Parent Co.’s share of Sub Co.’s net income for the year?
\r\n(b) How much was Parent Co.’s share of Sub Co.’s dividends for the year?
\r\n(c) What was Sub Co.’s total net income for the year?
\r\n(d) What was Sub Co.’s total dividends for the year?
The following are two independent situations.
\r\nSituation 1: Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2014. On June 30, Martinez declared and paid a $75,000 cash dividend. On December 31, Martinez reported net income of $122,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. The securities are classified as available-for-sale.
\r\nSituation 2: Monica, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles’s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2014. On June 15, Seles declared and paid a cash dividend of $36,000. On December 31, Seles reported a net income of $85,000 for the year.
\r\nInstructions
\r\nPrepare all necessary journal entries in 2014 for both situations.6
Arantxa Corporation made the following cash purchases of securities during 2014, which is the first year in which Arantxa invested in securities.
\r\n1. On January 15, purchased 10,000 shares of Sanchez Company’s common stock at $33.50 per share plus commission $1,980.
\r\n2. On April 1, purchased 5,000 shares of Vicario Co.’s common stock at $52.00 per share plus commission $3,370.
\r\n3. On September 10, purchased 7,000 shares of WTA Co.’s preferred stock at $26.50 per share plus commission $4,910. On May 20, 2014, Arantxa sold 4,000 shares of Sanchez Company’s common stock at a market price of $35 per share less brokerage commissions, taxes, and fees of $3,850. The year-end fair values per share were Sanchez $30, Vicario $55, and WTA $28. In addition, the chief accountant of Arantxa told you that Arantxa
\r\nCorporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices.
\r\nInstructions
\r\n(a) Prepare the journal entries to record the above three security purchases.
\r\n(b) Prepare the journal entry for the security sale on May 20.
\r\n(c) Compute the unrealized gains or losses and prepare the adjusting entries for Arantxa on December 31, 2014.
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