Culver, Inc. had the following equity investment portfolio at January 1, 2017. Evers Company 990 shares...

Culver, Inc. had the following equity investment portfolio at January 1, 2017. Evers Company 990 shares @ $14 each $13,860 Rogers Company 890 shares @ $19 each 16,910 Chance Company 480 shares @ $10 each 4,800 Equity investments @ cost 35,570 Fair value adjustment (7,590 ) Equity investments @ fair value $27,980 During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Culver, Inc. sold 310 shares of Chance Company for $12 per share. 3. On May 15, Culver, Inc. purchased 110 more shares of Evers Company stock at $17 per share. 4. At December 31, 2017, the stocks had the following price per share values: Evers $18, Rogers $18, and Chance $9. During 2018, the following transactions took place. 5. On February 1, Culver, Inc. sold the remaining Chance shares for $9 per share. 6. On March 1, Rogers Company paid a $2 per share dividend. 7. On December 21, Evers Company declared a cash dividend of $3 per share to be paid in the next month. 8. At December 31, 2018, the stocks had the following price per share values: Evers $20 and Rogers $20. Prepare journal entries for each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select

Expert Solution

ekkarill92 answered 2 years ago

Whispering, Inc. had the following equity investment portfolio at January 1, 2017. Evers Company 1,030 shares...

Whispering, Inc. had the following equity investment portfolio at January 1, 2017. Evers Company 1,030 shares @ $14 each $14,420 Rogers Company 910 shares @ $19 each 17,290 Chance Company 510 shares @ $9 each 4,590 Equity investments @ cost 36,300 Fair value adjustment (7,350 ) Equity investments @ fair value $28,950 During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Whispering, Inc. sold 280 shares...

Bonita, Inc. had the following equity investment portfolio at January 1, 2017. Evers Company 960 shares...

Bonita, Inc. had the following equity investment portfolio at January 1, 2017. Evers Company 960 shares @ $14 each $13,440 Rogers Company 880 shares @ $20 each 17,600 Chance Company 520 shares @ $10 each 5,200 Equity investments @ cost 36,240 Fair value adjustment (7,300 ) Equity investments @ fair value $28,940 During 2017, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Bonita, Inc. sold 320 shares...

Grouper, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,050 shares...

Grouper, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,050 shares @ $16 each $16,800 Rogers Company 860 shares @ $21 each 18,060 Chance Company 510 shares @ $9 each 4,590 Equity investments @ cost 39,450 Fair value adjustment (7,290 ) Equity investments @ fair value $32,160 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30, Grouper, Inc. sold 310 shares...

Problem 17-10 (Part Level Submission) Bridgeport, Inc. had the following equity investment portfolio at January 1,...

Problem 17-10 (Part Level Submission) Bridgeport, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 1,050 shares @ $15 each $15,750 Rogers Company 890 shares @ $22 each 19,580 Chance Company 490 shares @ $8 each 3,920 Equity investments @ cost 39,250 Fair value adjustment (7,510 ) Equity investments @ fair value $31,740 During 2020, the following transactions took place. 1. On March 1, Rogers Company paid a $2 per share dividend. 2. On April 30,...

At January 1, 2017, Culver Company’s outstanding shares included the following. 276,000 shares of $50 par...

At January 1, 2017, Culver Company’s outstanding shares included the following. 276,000 shares of $50 par value, 7% cumulative preferred stock 825,000 shares of $1 par value common stock Net income for 2017 was $2,479,000. No cash dividends were declared or paid during 2017. On February 15, 2018, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2017. On April 1, 2017, 481,000 shares...

Problem 11-8A (Part Level Submission) On January 1, 2017, Culver Corporation had these stockholders’ equity accounts....

Problem 11-8A (Part Level Submission) On January 1, 2017, Culver Corporation had these stockholders’ equity accounts. Common Stock ($10 par value, 81,500 shares issued and outstanding) $815,000 Paid-in Capital in Excess of Par Value 483,000 Retained Earnings 620,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to...

On January 1, 2017, Evers Company purchased the following two machines for use in its production...

On January 1, 2017, Evers Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $52,000. Related expenditures included: sales tax $3,100, shipping costs $200, insurance during shipping $120, installation and testing costs $50, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Evers estimates that the useful life of the machine is 5 years with a $5,500 salvage value...

B. Castleman Holdings had the following trading equity investment portfolio on January 1, 2019: --------------------------------------------Cost ------Fair...

B. Castleman Holdings had the following trading equity investment portfolio on January 1, 2019: --------------------------------------------Cost ------Fair Value 1,000 shares of Evers Corp. ---$15,000 ------$15,700 900 shares of Rogers Corp. ----18,000 --------16,800 500 shares of Chance Corp. ----4,500 ----------3,000 ----------------------------------------$37,500 -------$35,500 In 2019, Castleman Holdings completed the following investment transactions: March 3 Sold the 500 shares of Chance Corp., @ $7.5 less fees of $65. April 15 Bought 200 more shares of Evers Corp., @ $16.5 plus fees of $150. August...

Stellar Corp. had the following shareholders’ equity on January 1, 2017: Common shares, unlimited number authorized,...

Stellar Corp. had the following shareholders’ equity on January 1, 2017: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 290,000 Contributed surplus 309,000 Retained earnings 2,400,000 Total shareholders’ equity $ 2,999,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2017. 1. Subscriptions were sold for 10,700 common shares at $22...

On January 1, 2017, Conway Ltd. had the following shareholders' equity accounts: Common shares, unlimited number...

On January 1, 2017, Conway Ltd. had the following shareholders' equity accounts: Common shares, unlimited number of shares authorized, 1.5 million issued - $1,650,000 Retained earnings- 550,000 It was also authorized to issue an unlimited number of $6 noncumulative preferred shares. During 2017, the corporation had the following transactions and events related to its shareholders' equity: Jan 2 Issued 100,000 preferred shares at $66 per share March 31 Paid quarterly dividend to preferred shareholders April 18 Issued 250,000 common shares...

Question