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Reading 21:Intercorporate Investments LOS d ~ Q11-14

Q11. Milburne Company purchased 1,000 shares of Marino Co. for $20 per share on January 1. By December 31,   

     shares of Marino were trading at $15 per share in the open market. Marino Co. has 100,000 shares outstanding

     with a dividend yield of 2% at year end. Milburne plans to hold the shares of Marino for longer-term investment

     and liquidity purposes. The impact of the Marino holding on the Milburne income statement is:

A)   -$4,700.

B)   $300.

C)   -$5,000.

Q12. Milburne Company purchased 1,000 shares of Marino Co. for $20 per share on January 1. By December 31,

     shares of Marino were trading at $15 per share in the open market. Marino Co. has 100,000 shares outstanding

     with a dividend yield of 2% at year end. Milburne plans to hold the shares of Marino for near-term trading

     purposes. The impact of the Marino holding on the Milburne income statement is:

A)   -$4,700.

B)   -$5,000.

C)   $300.

Q13. Smith Co. purchased 100 shares of Jones Co. for $40 per share on January 1. By December 31 of the same

   year, the valuation of Jones Co. had fallen to $30 per share. Which of the following represents the balance sheet

   valuation of Smith Co's investment in Jones at the end of the year? Jones Co's equity does not trade on an

   organized exchange.

A)   $3,000.

B)   $4,000.

C)   Cannot be determined because Jones Co's shares do not trade on an organized exchange.

Q14. Two equity securities were purchased by Company XYZ in 1999 for $1,000. The market value of these securities

   rose to $1,350 by the end of 2000. If these securities were accounted for under SFAS 115 as Trading Securities,

   which of the following correctly describes their treatment on the balance sheet prior to posting the results of the

   income statement to the balance sheet?

A)   The valuation of the "Marketable Securities" account on the assets side of the balance sheet will rise by $350.

B)   The valuation of the "Marketable Securities" account on the assets side of the balance sheet will remain unchanged.

C)   The equity of the firm will rise by $350.

答案和详解如下:

Q11. Milburne Company purchased 1,000 shares of Marino Co. for $20 per share on January 1. By December 31,   

     shares of Marino were trading at $15 per share in the open market. Marino Co. has 100,000 shares outstanding

     with a dividend yield of 2% at year end. Milburne plans to hold the shares of Marino for longer-term investment

     and liquidity purposes. The impact of the Marino holding on the Milburne income statement is:

A)   -$4,700.

B)   $300.

C)   -$5,000.

Correct answer is  B)

These securities are to be classified as available for sale and hence, all unrealized gains and losses are posted to a securities valuation reserve on the balance sheet. Hence, the only income statement impact is the $300 dividend = 0.02 × $15 × 1,000.

Q12. Milburne Company purchased 1,000 shares of Marino Co. for $20 per share on January 1. By December 31,

     shares of Marino were trading at $15 per share in the open market. Marino Co. has 100,000 shares outstanding

     with a dividend yield of 2% at year end. Milburne plans to hold the shares of Marino for near-term trading

     purposes. The impact of the Marino holding on the Milburne income statement is:

A)   -$4,700.

B)   -$5,000.

C)   $300.

Correct answer is A)

Since these securities are to be classified as trading securities, both the dividend received and the unrealized loss are posted to the income statement. The dividend is computed as 0.02 × $15 × 1,000 = $300 whereas the unrealized loss is $5,000 = ($15 - $20) × 1,000. The net income statement impact is $300 - $5,000 = -$4,700.

Q13. Smith Co. purchased 100 shares of Jones Co. for $40 per share on January 1. By December 31 of the same

   year, the valuation of Jones Co. had fallen to $30 per share. Which of the following represents the balance sheet

   valuation of Smith Co's investment in Jones at the end of the year? Jones Co's equity does not trade on an

   organized exchange.

A)   $3,000.

B)   $4,000.

C)   Cannot be determined because Jones Co's shares do not trade on an organized exchange.

Correct answer is B)

Since the shares of Jones Co. are not traded on an organized exchange, the valuation of the Jones Co. investment on the Smith balance sheet remains at cost. 100 shares × $40 per share original cost = $4,000.

Q14. Two equity securities were purchased by Company XYZ in 1999 for $1,000. The market value of these securities

   rose to $1,350 by the end of 2000. If these securities were accounted for under SFAS 115 as Trading Securities,

   which of the following correctly describes their treatment on the balance sheet prior to posting the results of the

   income statement to the balance sheet?

A)   The valuation of the "Marketable Securities" account on the assets side of the balance sheet will rise by $350.

B)   The valuation of the "Marketable Securities" account on the assets side of the balance sheet will remain unchanged.

C)   The equity of the firm will rise by $350.

Correct answer is A)

If a portfolio of securities is classified as "Trading Securities" under SFAS 115, then the portfolio's value is marked to market on each balance sheet date. Since the question specifically states that the change in retained earnings has not been posted to the balance sheet, equity will be unaffected by the increase in the valuation of the portfolio.

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上一主题:Reading 21:Intercorporate Investments LOS d ~ Q6-10
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