Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3. kristopher company began operations in 2014. a

3. Kristopher Company began operations in 2014. At 12/31/23, Kristopher had a debit balance...

50.1K

Verified Solution

Question

Accounting

3. Kristopher Company began operations in 2014. At 12/31/23, Kristopher had a debit balance of $15,000 in its Allowance for Adjustment to Market.
At January 1,2023, Kristopher owned the following securities, accounted for using the fair value method.
Cost
MJO Common (25,000 shares) $650,000
JKH Preferred (1,900 shares)200,500
EKH Common (7,500 shares)90,500
During 2023 the following events occurred:
4/3/23 Sold 3,000 shares of MJO for $75,000.
9/6/23 Acquired 1,500 shares of WVO Common for $25 per share.
At 12/31/23, the fair values for Kristophers securities were:
MJO Common, $24 per share
JKH Preferred, $103 per share
EKH Common, $13 per share
WVO Common, $27 per share
Required:
a. Prepare any journal entries required in 2023 to record the securities activity, including any required adjusting entries at 12/31/23. Show any calculations.
b. Show the financial statement presentation for all securities activity during 2023.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Antibodies are suitable for diagnostic tests, because Select one: a. they can be used only for humans. b....

Biology
Q

A charge of -3.00 nC is placed at the origin of an xy-coordinate system, and a...

Physics
Q

DO YOU AGREE OR DISAGREE AND WHY? OTs should evaluate clients by using a functional and meaningful...

Psychology
Q

28 Examine the scale below with included immature ovule Label the scale megasporophyll ovule and...

Biology
Q

11 In the circuit shown R 10 02 R 20 2 R 30 2 and...

Physics
Q

The graph of f x 30x 27x 9x 6 is given below Use the graph...

Algebra
Q

Applying the lower-of-cost-or-market method to each item of inventory, what should the total inventory value...

Accounting
Q

Modern Building Supply sells various building materials to retail outlets. The company has just approached...

Accounting
Q

Flower Company has the following information on its accounting records: gross profits $175,000; interest expense...

Accounting
Q

How do you find DM Price Variance?

Accounting
Q

What is the major assumption about how a process is operating for Little's law to...

Accounting
Q

What are the main causes of Inflation in Pakistan? What will be the impact of...

Finance