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- Light Inc. had the following activities during the current year: Acquired 4,000 shares of Dark Inc. for P5,200,000 Sold an investment in Lonely Inc. for P7,000,000 when the carrying value was P6,600,000. Acquired a P10,000,000, 4-year certificate of deposit from a bank. During the year, interest of 175,000 was paid to Light Inc. Collected dividends of P240,000 on share dividends. How much is the total cash outflows from investing activities? A. 15,200,000B. 7,000,000C. 6,600,000D. 5,200,000Light Inc. had the following activities during the current year: Acquired 4,000 shares of Dark Inc. for P5,200,000 Sold an investment in Lonely Inc. for P7,000,000 when the carrying value was P6,600,000. Acquired a P10,000,000, 4-year certificate of deposit from a bank. During the year, interest of 175,000 was paid to Light Inc. Collected dividends of P240,000 on share dividends. What amount should be included as cash inflows from investing activities? A. 5,200,000B. 6,600,000C. 10,000,000D. 7,000,000Cosmos Corporation had the following long-term investment transactions. Year 1 January 2 Purchased 5,000 shares of Visual, Inc. for $42 per share. October 15 Received Visual, Inc. cash dividend of $2 per share. December 31 Visual reported a net loss of $66,000 for the year. Year 2 February 2 Sold 5% of the shares of Visual Inc for $7000. Prepare the journal entries Cosmos Corporation should record for these transactions and events.
- Light Inc. had the following activities during the current year: Acquired 4,000 shares of Dark Inc. for P5,200,000. Sold an investment in Lonely Inc. for P7,000,000 when the carrying value was P6,600,000. Acquired a P10,000,000, 4-year certificate of deposit from a bank. During the year, interest of 175,000 was paid to Light Inc. Collected dividends of P240,000 on share dividends. How much should be reported as cash inflows from operating activities? A. 175,000B. 415,000C. 0D. 250,000On January 1, Vienna Corporation purchased 40% of the outstanding common stock of the Marietta Corporation for $137,500. During the year, Marietta Corporation reported net income of $50,000 and paid cash dividends of $25,000.The balance of the Investment in the Marietta Corporation account on the books of Vienna Corporation at year-end is: Select one: A. $147,500 B. $135,000 C. $100,000 D. $110,000Berk Company engaged in the following investment transactions during the current year. April 1 July 1 Bought 40,000 of the 100,000 outstanding shares of Apex Company for $400,000. During the year, Apex Company reported net income of $30,000, and paid dividend of $10,000. Bought a $270 million bond with 8% interest rate. The market interest rate was 6% for bonds of similar risk and maturity. Berk paid $310 million for the bonds. The company will receive interest semiannually on June 30 and December 31. The fair value of the bonds at December 31 was $240 million. Dec 31 Required: 1. Beck has significance influence over Apex's management. On December 31, how much would Berk report as the value of its investment in Apex on the balance sheet? 2. Berk intends to actively trade the bond investment. a. Prepare the journal entries related to the bond on July 1 and on December 31. b. On December 31, how much would Berk report as the value of the bond on The balance sheet Please avoid…
- Bellows Inc. purchased 10,000 shares of Nesbitt Inc.’s common stock for $7.50 per share. Nesbitt Inc. has 100,000 shares of common stock outstanding. What account and amount is debited by Bellows Inc. to record the investment in Nesbitt Inc.? Assuming that Nesbitt Inc. paid a dividend of $0.40 per share, what account and amount is credited by Bellows Inc. to record the receipt of the dividend? 3 If Bellows Inc. sold 4,000 shares of Nesbitt Inc.’s common stock for $9.00 per share, how much gain on the investment would Bellows Inc. recognize?Kramer Corporation had the following long-term Investment transactions. Prepare the journal entries Kramer Corporation should record for these transactions and events. Jan 2 Purchased 5,000 shares of Optic, Inc. for $42 per share plus $7,000 in fees and commission. These shares represent a 35% ownership of Optic. Oct 15 Received Optic, Inc. cash dividend of $2 per share. Dec 31 Optic reported a net income of $66,000 for the year.Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:Feb. 24. Acquired 1,000 shares of Tett Co. stock for $85 per share plus a $150 brokerage commission.May 16. Acquired 2,500 shares of Issacson Co. stock for $36 per share plus a $100 commission.July 14. Sold 400 shares of Tett Co. stock for $100 per share less a $75 brokerage commission.Aug. 12. Sold 750 shares of Issacson Co. stock for $32.50 per share less an $80 brokerage commission.Oct. 31. Received dividends of $0.40 per share on Tett Co. stock.Journalize the entries for these transactions.
- Russell Corp.'s transactions for the year ended December 31, 20X1 included the following:· Acquired 50% of Maxwell Corp.'s common stock for $200,000 cash which was borrowed from a bank.· Issued 5,000 shares of its preferred stock for land having a fair value of $320,000.· Issued 500 of its 11% debenture bonds, due 20X6, for $392,000 cash.· Purchased a patent for $220,000 cash.· Paid $120,000 toward a bank loan.· Sold available-for-sale securities for $796,000. Russell’s net cash provided by financing activities for 20X1 was Question 12 options: $472,000. $560,000. $592,000. $680,000.Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $420,000 was sold for $520,000. b. Additional common stock was issued for $180,000. c. Dristell purchased its own common stock as treasury stock at a cost of $85,000. d. Land was acquired by issuing a 6%, 10-year, $770,000 note payable to the seller. e. A dividend of $60,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $140,000. g. New equipment was purchased for $75,000. h. A $100,000 note payable issued three years ago was paid in full. i. A loan for $120,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from investing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December…Honest Company had the following activities during the current year: • Acquired shares in Responsible Corporation for P1,200,000. • Acquired a P2,000,000, 3-years certificate of deposit from a bank. During the year, Honest received P100,000 of interest. • Collected dividends of P75,000 on share investments. • Sold an equipment with a book value of P500,000. The company incurred a loss of P50,000. What amount should be reported as net cash used in investing activities? *