Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entry should have narration please at december 3

Entry should have narration please At December 31, 2020, Wang Inc., a public...

50.1K

Verified Solution

Question

Accounting

Entry should have narration please image

At December 31, 2020, Wang Inc., a public company, holds the following investments on its balance sheet: Investment: Original Cost Carrying Value Fair Value Ahn Inc. (FVTOCI $167,000 $175,000 $150,000 Burnham Corp $147,000 S121,500 $140,600 (FVTOCI) Wang Inc. entered into the following transactions during the year ended December 31, 2021: . On January 2, 2021. purchased $260,000 of the 4% bonds of Miron Ltd. The bonds mature on December 31, 2026 and pay interest every June and December 31. The bond were purchased to yield 3%. The bonds were classified as FVTOCI. Sale of investment of Ahn Inc. for $153,300 on January 20, 2021. At December 31, 2021, the investments had the following fair values: Burnham Corp: $161,800 The Bond Miron was trading at 104 Required: a. Prepare all journal entries related to the above for the years ended December 31, 2020 and December 31, 2021. (9 marks) b. Assume that Wang Inc.'s net income for the year ended December 31, 2021 is $1,250,000. Prepare the bottom part of the statement of comprehensive income. (2 marks)

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

A researcher claims that the incorporation of carbon dioxide into organic molecules duringphotosynthesis does not...

Biology
Q

1. Which of the following is the best definition of antigen?a. something foreign in the...

Biology
Q

The term that is used for something that is relatively distant from its point of...

Biology
Q

Consider two less-than-desirable options. In the first you are driving 30 mph and crash head-on...

Physics
Q

An ideal spring of negligible mass hangs vertically at equilibrium. You find that if you...

Physics
Q

Kevin s grandmother gave him an old lamp that needs a new lampshade He wants...

Basic Math
Q

For the function z = 3x + 5y - 4xy, find ?z/?x , ?z/?y ,...

Calculus
Q

Nosker Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased...

Accounting
Q

Please help

Accounting
Q

A company uses a standard cost system in which variable manufacturing overhead (VMOH) is applied...

Accounting
Q

Part A: Create a flexible budget for each division (include all income statement items). Part...

Accounting
Q

PLACE YOUR ANSWERS TO THE FOLLOWING QUESTIONS INS EXAMINATION BOOKLETS PROVIDED, DO NOT PROVIDE ANY...

Accounting