Q: In early 2020, for the first time, HTSM Corp.
In early 2020, for the first time, HTSM Corp. invested in the common shares of another Canadian company. It acquired 5,000 shares of Toronto Stock Exchange-traded Bayscape Ltd. at a cost of $68,750. B...
See AnswerQ: Tsui Corporation owns corporate bonds at December 31, 2020, accounted
Tsui Corporation owns corporate bonds at December 31, 2020, accounted for using the amortized cost model. These bonds have a par value of $800,000 and an amortized cost of $788,000. After an impairmen...
See AnswerQ: On January l, 2018, Mamood Ltd. paid $322
On January l, 2018, Mamood Ltd. paid $322,744.44 for 12% bonds of Variation Ltd. with a maturity value of $300,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2018,...
See AnswerQ: Sierra Corporation had sales revenue of $5,850,000
Sierra Corporation had sales revenue of $5,850,000 and investment revenue of $227,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows: Sierra has 100,000 common sh...
See AnswerQ: Weekly Corp., a December 31 year-end company that applies
Weekly Corp., a December 31 year-end company that applies IFRS, acquired an investment of 1,000 shares of Credence Corp. in mid-2016 for $29,850. Between significant volatility in the markets and in t...
See AnswerQ: Holmes Inc. purchased 30% of Nadal Corporation's 30,000
Holmes Inc. purchased 30% of Nadal Corporation's 30,000 outstanding common shares at a cost of $15 per share on January 3, 2020. The purchase price of $15 per share was based solely on the book value...
See AnswerQ: Harnish Inc. acquired 25% of the outstanding common shares of
Harnish Inc. acquired 25% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,250,000 for 62,500 shares, and is equal to 25% of Gregson's carrying amount....
See AnswerQ: On January l, 2020, Rae Corporation purchased 30% of
On January l, 2020, Rae Corporation purchased 30% of the common shares of Martz Limited for $196,000. Martz Limited shares are not traded in an active market. The carrying amount of Martz's net assets...
See AnswerQ: The following are two independent situations. Situation 1: Lauren
The following are two independent situations. Situation 1: Lauren Inc. received dividends from its common share investments during the year ended December 31, 2020, as follows: • A cash dividend of $1...
See AnswerQ: On January 3, 2020, Mego Limited purchased 3,000
On January 3, 2020, Mego Limited purchased 3,000 (30%) of the common shares of Sonja Corp. for $438,000. The following information is provided about the identifiable assets and liabilities of Sonja at...
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