Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2022: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1998 4/10/2022 8/23/2020 5/19/2012 8/20/2022 Basis $ 7,600 14,700 11,625 5,510 7,545 Date Sold 7/22/2022 9/13/2022 10/12/2022 10/12/2022 11/14/2022 Amount Realized $4,780 18,370 16,490 12,925 3,675

Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2022: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1998 4/10/2022 8/23/2020 5/19/2012 8/20/2022 Basis $ 7,600 14,700 11,625 5,510 7,545 Date Sold 7/22/2022 9/13/2022 10/12/2022 10/12/2022 11/14/2022 Amount Realized $4,780 18,370 16,490 12,925 3,675

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

See similar textbooks

Similar questions

! Required information Problem 7-46 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Date Purchased 1/23/1999 Basis $ 7,400 Date Sold Amount Realized 7/22/2023 $ 4,620 Stock B 4/10/2023 14,300 9/13/2023 17,890 Stock C 8/23/2021 11,125 10/12/2023 15,810 Stock D 5/19/2013 5,350 10/12/2023 12,625 Stock E 8/20/2023 7,405 11/14/2023 3,575 Problem 7-46 Part-a (Algo) a. What is Grayson's net short-term capital gain or loss from these transactions? Net short-term capital gain or loss
Required information [The following information applies to the questions displayed below] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1999 4/10/2023 8/23/2021 5/19/2013 8/20/2023 Net capital gain or loss Basis $ 7,900 15,300 12,375 5,750 7,755 Date Sold 7/22/2023 9/13/2023 10/12/2023 10/12/2023 11/14/2023 Amount Realized $ 5,020 19,090 17,510 13,375 3,825 c. What is Grayson's overall net gain or loss from these transactions? at
Required information [The following information applies to the questions displayed below.] Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2023: Note: Loss amounts should be indicated by a minus sign. Stock Stock A Stock B Stock C Stock D Stock E Date Purchased 1/23/1999 4/10/2023 8/23/2021 5/19/2013 8/20/2023 Basis $ 7,550 14,600 11,500 5,470 7,510 Net long-term capital gain or loss Date Sold 7/22/2023 9/13/2023 10/12/2023 10/12/2023 11/14/2023 Amount Realized $ 4,740 18,250 16,320 12,850 3,650 b. What is Grayson's net long-term gain or loss from these transactions?
6. ABC Corp holds 1,000 shares of XYZ Corp.'s shares since 2019. The following are data available at Dec 1, 2020: Cost per share P3.00 Transaction cost per share (upon acquisition) P1 Most recent transaction price per share P2 Transaction cost per share (current) P.50 If ABC classified these shares as investment in stocks-FVOCI, how much is the adjustment for the change in fair value? FVPL 2,000 FVOCI 1,000 FVOCI 1,500 FVOCI 2,000
During 2020, Carpenters Corporation purchased equity securities and carried them at fair value through other comprehensive income. Pertinent data follow:Earth Ordinary Wind Ordinary Fire OrdinaryCost P36,000 P80,000 P180,000Market value. 12/31/20 40,000 60,000 186,000 The unearned loss reported in Carpenter's 2015 profit or loss is: A. P0B. P6,000C. P10,000
Required information Problem 7-42 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft common stock (Nasdaq: MSFT) over the years: Date Purchased Shares 7/10/2013 640 4/20/2014 540 1/29/2015 740 490 11/02/2017 Basis $ 34,560 32,292 35,224 26,068 If Dahlia sells 1,520 shares of Microsoft for $112,480 on December 20, 2023, what is her capital gain or loss in each of the following assumptions? Note: Do not round intermediate calculations. Problem 7-42 Part-b (Algo) b. She uses the specific identification method and she wants to minimize her current-year capital gain.
During 2022, ABC Corp. acquired 500 shares of XYZ stock at P30 per share. ABC accounted for the stock as FVOCI financial assets. The market price per share of ABC's stock as of December 31, 2022 and 2023. is P22.50 and P39.50, respectively. US sa fes 1. How much-unrealized gain or loss on long-term investments should ABC report on its December 31, 2022, statement of comprehensive income? Use negative sign for the unrealized rences orations loss 2.How much unrealized gain.orloss on long-term investments should ABC report on its December 31, 2022, stockholders equity? Use negative sign for the unrealized loss 3. How much-unrcalized gain or loss on long-term investments should ABC report on its December 31. 2023. statement of comprehensive income? Use negative sign for the unrealized loss 4. How much-unrealized gain or loss on long term investments should ABC report on its December 31, 2023, stockholders equity? Use negative sign for the unrealized loss
has equity securities designated as at fair value Hilton, Inc. through profit or loss that were purchased during 2020. At the end of 2020, the securities had total fair value of P525,000. As of December 31, 2021, the cost and fair values are as follows: Cost P100,000 190,000 250,000 Fair Value P 90,000 210,000 235,000 Investment 1 2 The gain or loss that would be reported in profit or loss as a result of the valuation of the securities at the end of 2021 is P 5,000 P10,000 P20,000 P25,000 а. b. c. d.
Answer should be presented as: DECREASE 123456 or INCREASE 123456 :During 2021, the first year of operations, Dejavu Company purchased the following equity securities: Security One Security Two Security Three Security Four Cost 2,200,000 700,000 1,600.000 2,000,000 December 31, 2021 1,400,000 1,000,000 1,500.000 Market Value December 31, 2022 1,900,000 1,100,000 1,600,000 1,200,000 2,500.000 Security One and Security Two are held for trading and Security Three and Security Four are measured at Jair value through other comprehensive income by election. During 2022, the entity sold Security Two for P1,000,000 and half of Security Four for PS00,000. Revenues and operating (marketing and administrative) expenses for the year 2022 are P7500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2022 due to the equity securities findicate whether increase or decrease)?
In March of 2019, Boyet Corporation purchased nontrading equity investments which are irrevocably designated at FV-OCI. On December 31, 2019, the balance in the unrealized gain/(loss) on these securities was P200,000. During 2020, stock FF was sold for P1,100,000. Pertinent data on Dec. 31, 2020 are as follows: Cost Market Value DD P2,100,000 P1,600,000 2,000,000 900,000 In its statement of changes in stockholder's equity for the EE 1,850,000 FF 1,050,000 year 2020, Boyet should report unrealized holding loss at what amount?
Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indicated by a minus sign.) Description Date Purchased Basis Date Sold Amount Realized Stock A 1/23/1995 $ 7,250 7/22/2019 $ 4,500 Stock B 4/10/2019 14,000 9/13/2019 17,500 Stock C 8/23/2017 10,750 10/12/2019 15,300 Stock D 5/19/2009 5,230 10/12/2019 12,400 Stock E 8/20/2019 7,300 11/14/2019 3,500 What amount of the gain, if any, is subject to the preferential rate for certain capital gains?
Presented below is information related to the purchases of common stock by Marigold Company during 2025. Investment in Arroyo Company stock Investment in Lee Corporation stock Investment in Woods Inc. stock Total (a) (b) Cost Fair Value (at purchase date) (at December 31) $102,000 $84,000 314,000 259,000 (b) 184,000 (Assume a zero balance for any Fair Value Adjustment account at the beginning of 2025.) $545,000 No. Account Titles and Explanation (a) 193,000 $591,000 What entry would Marigold make at December 31, 2025, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? What entry would Marigold make at December 31, 2025, to record the investments in the Lee and Woods corporations, assuming that Marigold did not select the fair value option for these investments? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…