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What Ingleside Industries would report on its balance sheet

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Question - Assessing Income Effects of Different Classifications for Marketable Securities

Ingleside Industries acquired common stock of Kildare, Inc. as an investment. Consider the following transactions.

2020:

- Purchase 4,000 (15%) of the common shares of Kildare, Inc. for $17 cash per share plus a $1,450 brokerage commission.

- Kildare reports net income of $98,500.

- Ingleside receives a cash dividend of $1.90 per share from Kildare, Inc.

- Year-end market price of Kildare is $18.00 per share

2021:

- Sell all 4,000 shares for $16.50 per share.

Complete the table below to show what Ingleside Industries would report on its balance sheet in 2020 and on its income statement in 2020 and 2021 if the investment is classified as trading, available-for- sale or as an equity method investment.

 

2020 Balance Sheet

2020 Income Statement

2021 Income Statement

Trading securities

 

 

 

Equity method investment

 

 

 

Reference no: EM132849260

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