Show the balance sheet presentation of the investment-related accounts at December 31, 2015. At this…


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Show the balance sheet presentation of the investment-related accounts at December 31, 2015. At this… 1 answer below » On December 31, 2014, Bly Associates owned the following securities, held as long-term investments. Common Stock Shares Cost Woolridge Co. 4.000 $100,000 Coria Co. 5.000 30,000 Sterling Motors Co. 3.000 60,000 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2015, the following transactions occurred. July 1Received $1 per share semiannual cash dividend on Coria Co. common stock. Aug. 1Received $0.50 per share cash dividend on Woolridge Co. common stock. View complete question » On December 31, 2014, Bly Associates owned the following securities, held as long-term investments. Common Stock Shares Cost Woolridge Co. 4.000 $100,000 Coria Co. 5.000 30,000 Sterling Motors Co. 3.000 60,000 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2015, the following transactions occurred. July 1Received $1 per share semiannual cash dividend on Coria Co. common stock. Aug. 1Received $0.50 per share cash dividend on Woolridge Co. common stock. Sept. 1Sold 1,500 shares of Coria Co. common stock for cash at $7 per share. Oct. 1Sold 600 shares of Woolridge Co. common stock for cash at $30 per share. Nov. 1Received $1 per share cash dividend on Sterling Motor Co. common stock. Dec. 15 Received $0.50 per share cash dividend on Woolridge Co. common stock. 31 Received $1 per share semiannual cash dividend on Coria Co. common stock. At December 31, the fair values per share of the common stocks were Woolridge Co. $23, Coria Co. $7, and Sterling Motors Co. $19. Instructions (a)Journalize the 2015 transactions and post to the account Stock Investments. (Use the T-account form.) (b)Prepare the adjusting entry at December 31, 2015, to show the securities at fair value. The stock should be classified as available-for-sale securities. (c)Show the balance sheet presentation of the investment-related accounts at December 31, 2015. At this date, Bly Associates has common stock $2,000,000 and retained earnings $1,200,000. View less » Jun 11 2014 04:16 PM

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