Short term investment purchases are recorded at their cost.
12) Investments held by a corporation are always classified as current assets.
13) Accounting for a short term investment is the same as accounting for a note receivable.
14) What are 'trading investments'?
15) Vance Corporation purchases UXB shares on May 10 for $120,000. On October 15th Vance receives a cash dividend of $1,200 from UXB. On December 31st the value of Vance Corporation's investment in UXB has increased in value to $150,000.
Prepare journal entries needed on May 10, October 15, and December 31, 2010
16) January 1, 2010 Orange Tree Spa invests in $100,000 worth of Apple Spa shares to hold as a short term investment. On December 31, 2010, this investment now has a market value of $105,000.
On May 1, 2011 Orange Tree Spa sells their Apple Spa shares for $95,000. Prepare the required entries for Orange Tree Spa.
17) Olive Corporation purchases Branch Inc shares on June 21 for $220,000. On October 1 Olive receives a cash dividend of $2,500 from Branch Inc. On December 31st the value of Olive Corporation's investment in Branch has decreased in value to $210,000.
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