Sarasota Company has the following investments as of December 31, 2020:

In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2020. Sarasota’s stock investments does not result in significant influence on the operations of Laser Company. Sarasota’s debt investment is considered held-to-maturity. At December 31, 2021, the shares in Laser Company are valued at $1,200,000; the debt investment securities of FourSquare are valued at $2,480,000 and are considered impaired.

a. Prepare the journal entry to record the impairment of the debt securities at December 31, 2021

b. Assuming the fair value of the Laser shares is $1,470,000 and the value of its debt investment is $2,970,000, what entries, if any, should be recorded in 2022 related to impairment?

c. Assume that the debt investment in FourSquare Company was available-for-sale and the expected credit loss was $860,000. Prepare the journal entry to record this impairment on December 31, 2021.

Stock Project Select a public company listed on the NASDAQ or NYSE. The company must have been listed for at least two years. You may use the same company as you did in the other project. Each submission is worth 25 points and are due based on the dates in each section.

Stock Assignment 1

Prepare a written response to the following items. All responses should be included in a Word document (that is, typed). Submit your responses in Blackboard by uploading ONE Word document, named to this assignment by the deadline. The responses should be free of grammar, spelling and punctuation errors. For your company, provide the following:

1. The company name and the primary ticker symbol.

2. A brief description of the type of products and/or services provided by the company.

3. The market on which the company’s stock is listed.

4. The names of the CEO and CFO.

5. The year in which the company went public.

6. Where the company is headquartered.

You are an associate at ABC LLP, a forensic accounting firm. Your company is retained by the Law Firm that is representing a client. The client, the former CFO of the Public Company, is being investigated by the SEC and FBI for running a large accounting fraud scheme and funneling money to his own account after allegedly falsely invoicing sales during 2013 and 2014. The Auditing Firm, which was recently terminated, audited the Public Company and issued opinion letters in connection with the Public Company’s 2013 and 2014 annual reports.

You are just getting up to speed on the case, but the ABC Partner asked for you to help analyze the issue in connection with the Law Firm.

Assume that the ABC Partner asks if you are willing to testify about your work in a hearing concerning the CFO, but that the ABC partner is unsure about the laws governing your possible testimony:

1. Identify the types of testimony you might be able to provide by referencing relevant laws on point (and describe the admissibility of such testimony).

BUSINESS ANALYSIS

select business that publicly trades on the New York Stock Exchange or NASDAQ

1. the company`s name on its name history if the name changed since the company was originally formed ( consider mergers etc.)
2. company`s trademark(s)

3. location of the company`s home office and whether they have offices located outside the US (if so, identify location(s))

4. description of the company`s general products or serviced

5. the company`s mission statement or business philosophy

6. whether the company is publicly traded and if so, the stock exchange on which the company`s shares are traded

7. the current CEO and summary of his/her business background

8. the identity on one of the company`s primary competitors

9. summary of the company`s corporate ethics policy and the URL to this policy

10. summary of company press release dated July 1, 2017 or later

11. summary of lawsuit in which the company has been involved as a plaintiff or as a defendant

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 415,000 2019 335,000 2020 405,000 2021 445,000 Included in the income of 2018 was an installment sale of property in the amount of $56,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $22,400 in 2019, $28,000 in 2020, and $5,600 in 2021. Included in the 2020 income was $23,000 interest from investments in municipal bonds. The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2018–2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

During 2020, Vaughn Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Vaughn for a lump sum of $161,595 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.

During 2020, Vaughn sells 540 lounge chairs, 270 armchairs, and 324 straight chairs.

What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)

On January 1, 2020, Coronado Inc. had cash and common stock of $60,530. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $20,760 of debt securities that it classified as available-for-sale. It received interest of $4,100 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,190 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020).

solve based calculation question

On 1 January 2019, Candid PLC Corporation applied for a patent, incurring legal costs of $32,000. In January 2020, Candid PLC incurred $14,000 of legal fees in a successful defense of its patent right. Consider the following independent situations.

a. Compute 2019 amortization, year-end book value, 2020 amortization, and year-end book value if the company amortizes the patent over 8 years.

b. Compute the 2020 amortization and the year-end book value, assuming that at the beginning of 2020, Candid PLC determines that the patent will provide no future benefits beyond December 31, 2022.

c. Compute the 2021 amortization and the year-end book value, assuming that at the beginning of 2021, based on new market research, Candid PLC determines that the recoverable amount of the patent is $24,000.

The DeVille Company reported pretax accounting income on its income statement as follows: 2018 $ 355,000 2019 275,000 2020 345,000 2021 385,000 Included in the income of 2018 was an installment sale of property in the amount of $30,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,000 in 2019, $15,000 in 2020, and $3,000 in 2021. Included in the 2020 income was $10,000 interest from investments in municipal bonds. The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2018–2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)