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List the expressions that ferry company in annual income

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Reference no: EM132563112

Ferri Corporation acquired the following stocks on October 1, 2005, both of which are investments for trading purposes:

Company A shares-10,000 ordinary shares, $18 per share.

Company B shares-7,000 ordinary shares at $31 per share.

Ferry Company adopts a calendar year system. Other information is as follows:

On October 20, X5, cash dividends were received: Company A's stock was $1 per share, and Company B's stock was $2 per share.

Fair value on December 31, X5: Company A's stock was $15 per share; Company B's stock was $33 per share.

On October 1, X6, 1,500 shares of Company A were sold at a price of $20 per share.

Fair value on December 31, X6: Company A's stock was $22 per share; Company B's stock was $35 per share.

Try to find:

Question (1) Make X5 years to purchase stocks and receive cash dividend entries.

Question (2) Make adjustment entries at the end of X5.

Question (3) List Ferry's expressions in X5 annual income statement and December 31 balance sheet investment related subjects.

Question (4) Make an entry for the year X6.

Question (5) List the expressions that Ferry Company should have in X6 annual income statement and December 31 balance sheet investment related subjects.

Reference no: EM132563112

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