Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the year ended december 31, 2024, swifty co

During the year ended December 31, 2024, Swifty Corporation, a public company, had the following...

70.2K

Verified Solution

Question

Accounting

image

imageimage

During the year ended December 31, 2024, Swifty Corporation, a public company, had the following transactions related to investments held for trading purposes: Feb. 1 Purchased 620 IBF common shares for $35,960. Mar. 1 Purchased 1,420 Raimundo common shares for $45,440. Apr. 1 Purchased $202,000 of CRT 3% bonds at par. Interest is payable semi-annually on April 1 and October 1 . July 1 Received a cash dividend of $2.00 per share on the IBF common shares. Aug. 1 Sold 205 IBF common shares at $62 per share. Oct. 1 Received the semi-annual interest on the CRT bonds. 1 Sold the CRT bonds for $207,000. Dec. 31 The fair values of the IBF and Raimundo common shares were $64 and $28 per share, respectively. Show the financial statement presentation of the investments and any related accounts in the financial statements for the year ended December 31,2024 . (Round answers to 0 decimal places, eg. 5,275.)

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