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fone inc produces and sels theater set designs and costumes...

Question: fone inc produces and sels theater set designs and costumes...

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Fone Inc produces and sels theater set designs and costumes. The company began operations on January 1 Year 1 The following transactions relate to secu ties acquired by Forte Inc., which has 리 fiscal year ending on December 31 Record these transactions on page 10 Year 1 Jan 22 Purchased 25.400 shares of Sankal Inc. as an available-for-sale security at $17 per share, including the Mar Sep. Oct Dec. 31 Sankal Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $28 per Received cash dividend of $0.22 per share on Sankai Inc. stock. 8 A cash dividend of $0.24 per share was received on the Sanikal stock 7 Sold 4,900 shares of Sankal Inc. stock at $15 per share less a brokerage commission of $85 share. Use the valuation alowance for available-for-sale investments account in making the adjustment Record these transacions on page 11 Year 2 Jan 10 Purchased an influenitial interest in Imboden Inc. for $480.000 by purchasing 60,000 shares directly from the estate of the founder of Imboden Inc. There are 200,000 shares of Imboden Inc. stock outstanding. Mar. 10 Received a cash dividend of $0.28 per share on Sanikal Inc. stock Sep. 12 Received a cash dividend of $0.25 per share plus an extra dividend of $0.07 por share on Sankal Inc. stock Dec. 31 Received $55,100 of cash dividends on imboden Inc, stock Iimboden Inc, reported net income of $474.100 in Year 2. Fone Inc. uses the equity method of accounting for its investment in Imboden inc. 8ankal Inc. is classified as an availablo-or-sale investment and is adjusted to a far value of $23 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment for the deorease in fair value from $28 to $23 per share Dec 3ฯ Required: 1 Jourmalize the entries to record hese transactions Refer to the information given and the Chart of Accounts provided for tme exact wording of the anawer choices for fext entries 2. Prepare the investmend-related asset and stockholders equty Dalance sheet presentation for Forte ine. on December 31, Year 2 assuming the Retained Earnings balance on December 31, Year 2 i $440,000 Refer to the Chart of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text e tries Less·or Peus. w automatically appearオ赠蘒required For mase bores:n which you must enter subtracted or negative numbers use aminus sign

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