(SOLVED) On March 31 2018 Chow Brothers Inc bought 10

of
On March 31 2018 Chow Brothers Inc bought 10 of On March 31, 2018, Chow Brothers, Inc.,
bought 10% of KT Manufacturing’s capital stock for $50 million. KT’s net income for the year
ended December 31, 2018, was $80 million. The fair value of the shares held by Chow was […]

On February 18 2018 Union Corporation purchased 10 000 shares of On February 18, 2018,
Union Corporation purchased 10,000 shares of IBM bonds as a long-term investment for
$600,000. Union will hold the bonds indefinitely, and may sell them if their price increases
sufficiently. On December 31, 2018, and December […]

For several years Fister Links Products has held Microsoft bonds For several years Fister Links
Products has held Microsoft bonds, considered by the company to be securities available-for-
sale. The bonds were acquired at a cost of $500,000. At the end of 2018, their fair value was
$610,000 and their amortized […]

S L Financial buys and sells securities that it typically classifies S&L Financial buys and sells
securities that it typically classifies as available-for-sale. On December 27, 2018, S&L
purchased Coca-Cola bonds at par for $875,000 and sold the bonds on January 3, 2019, for
$880,000. At December 31, the bonds […]

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Turner Company purchased 40 of the outstanding stock of ICA Turner Company purchased
40% of the outstanding stock of ICA Company for $10,000,000 on January 2, 2018. Turner
elects the fair value option to account for the investment. During 2018, ICA earns $750,000 of
income and on December 30 pays […]

At the beginning of 2018 Pioneer Products ownership interest in At the beginning of 2018,
Pioneer Products’ ownership interest in the common stock of LLB Co. increased to the point
that it became appropriate to begin using the equity method of accounting for the investment.
The balance in the investment […]

Kim Company bought 30 of the shares of Phelps Inc Kim Company bought 30% of the shares of
Phelps, Inc., at the start of 2018. Kim paid $10 million for the shares. Thirty percent of the book
value of Phelps’s net assets is $8 million, and the difference of $2 […]

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