答案和详解如下： Q40. On January 15, 2003, Pamelan sold all of its shares in Delta at a price of $11 for a gain of: A) $4 per share. B) $6 per share. C) $1 per share. Correct answer is A) Sale price of $11 less $7 (carrying value from part #3) = $4. Q41. On January 9, 2006, Company X paid $2,000,000 for 100,000 shares of stock in Company S. Originally the company intended on holding the securities for the foreseeable future. As of December 31, the stocks were valued at $2,200,000. In 2006, Company S had earnings per share of $0.90 and paid dividends per share of $0.20. In late December 2006, the company decided to place the securities in their active marketable securities portfolio. What is the impact of this change in status on the value of the assets of Company X? A) $200,000. B) $70,000. C) $0. Correct answer is C) The stocks were classified as debt and equity securities available for sale, but now they will be classified as debt and equity trading securities. However, although it will affect net income, the change in status will not impact the reported value of the assets. According to SFAS 115, securities transferred from available-for-sale to trading securities are transferred at fair market value and unrealized gains or losses would be included in income. Q42. What is the impact of this change in status on the income and the stockholders' equity of Company X? A) Income will rise by $200,000, but stockholders' equity will not change. B) Stockholders' equity will rise by $200,000, but income will not change. C) Income and stockholder's equity will rise by $200,000. Correct answer is A) The stocks were classified as debt and equity securities available for sale, but now they will be classified as debt and equity trading securities. The gain would have been reported in the securities valuation account in the equity section and not on the income statement, but now will be reported as income. Q43. Assume Company P, a U.S. company, buys 1,000 shares of Company A for $80 per share. During the year, Company A has earnings of $6 per share and pays dividends of $4 per share, and at year-end the share price is $75.
At year-end, Company P will carry this investment as: If no public market
If trading security
If available-for-sale security
A) $80,000 $75,000 $75,000 B) $80,000 $75,000 $80,000 C) $75,000 $75,000 $75,000 Correct answer is A) If the shares have no public market, the cost method is used. Trading securities and available-for-sale securities are reported at year-end market value. | 
发表于 2009-1-8 10:33
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