103. On December 31, 2009, Payton Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:
Available-for-sale investments (at cost)
|
$115,000
|
Plus valuation allowance for available-for-sale investments
|
25,000
|
Available-for-sale investments (at fair value)
|
$140,000
|
|
|
There were no purchases or sales of available-for-sale investments during 2010. On December 31, 2010, the fair value of the available-for-sale investment portfolio was $105,000. The net income of Payton Co. was $155,000 for 2010. Prepare a statement of comprehensive income for Payton Co. for the year ended December 31, 2010.
104. Ramiro Company purchased 40% of the outstanding stock of Marco Company on January 1, 2010. Marco reported net income of $80,000 and declared dividends of $20,000 during 2010. How much would Ramiro adjust their investment in Marco Company under the equity method?
105. Pepito Company purchased 40% of the outstanding stock of Reyes Company on January 1, 2010. Reyes reported net income of $75,000 and declared dividends of $20,000 during 2010. How much would Pepito adjust their investment in Reyes Company under the equity method?
106. On March 1, 2010, Chase Inc. purchases $60,000 of 10-year, 8% bonds on their issuance date directly from Manus Corporation at $51,600 as a held-to-maturity investment. What entry would Chase record at its initial purchase of the bond investment?
107. On March 1, 2010, Chase Inc. purchases $60,000 of 10-year, 8% bonds on their issuance date directly from Manus Corporation at $51,600 as a held-to-maturity investment. What entry would Chase record when receiving its semiannual interest on September 1?