Questions from Intermediate Accounting

Q: Harper Corporation has the following portfolio of investments at December 31,

Harper Corporation has the following portfolio of investments at December 31, 2014, that qualify and are accounted for using the fair value through other comprehensive income (FV-OIC) method: Early in...

Q: Fellows Inc., a publicly traded manufacturing company in the technology industry

Fellows Inc., a publicly traded manufacturing company in the technology industry, has a November 30 fiscal year end. The company grew rapidly during its first 10 years and made three public offerings...

Q: On January 1, 2 014, Melbourne Corporation, a public

On January 1, 2 014, Melbourne Corporation, a public company, acquired 15,000 of the 50,000 outstanding common shares of Noah Corp. for $25 per share. The statement of financial position of Noah repor...

Q: On December 31, 2013, Acker Ltd. reported the following

On December 31, 2013, Acker Ltd. reported the following statement of financial position. The accumulated other comprehensive income was related only to the company~ non-traded equity investments. The...

Q: MacAskill Corp. has the following portfolio of securities acquired for trading

MacAskill Corp. has the following portfolio of securities acquired for trading purposes and accounted for using the fair value through net income model at September 30, 2014, the end of the company~ t...

Q: Bali Corp. has $10,000 surplus funds to invest

Bali Corp. has $10,000 surplus funds to invest and is considering investing in either Company A or Company B. Company A promises to return the $10,000 original amount invested in three years' time and...

Q: The following information relates to the 2014 debt and equity invesm1ent transactions

The following information relates to the 2014 debt and equity invesm1ent transactions of Wildcat Ltd., a publicly accountable Canadian corporation. All of the investments were acquired for trading pur...

Q: The following amortization schedule is for Flagg Ltd.'s investment in

The following amortization schedule is for Flagg Ltd.'s investment in Spangler Corps $100,000, five-year bonds with a 7% interest rate and a 5% yield, which were purchased on December 31, 2013, for $1...

Q: Investment Company Limited (ICL) is a private company owned by

Investment Company Limited (ICL) is a private company owned by 10 doctors. The company's objective is to manage the doctors' investment portfolios. It actually began as an invesm1ent club 10 years ago...

Q: The information that follows relates to equipment owned by Gaurav Limited at

The information that follows relates to equipment owned by Gaurav Limited at December 31, 2014: Cost $9,000,000 Accumulated depreciation to date 1,000,000 Expected future net cash fl...