Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, 2016, are as follows:
|
No. of Shares |
Cost per Share |
Total Cost |
Total Fair Value |
| Barns Co. Stock |
2,800 |
|
$15 |
|
$42,000 |
|
$38,200 |
|
| Dynasty Co. Stock |
900 |
|
36 |
|
32,400 |
|
30,300 |
|
|
|
|
|
|
$74,400 |
|
$68,500 |
|
Note 2. The investment in Quest Co. stock is an equity method investment representing 30% of the outstanding shares of Quest Co.
The following selected investment transactions occurred during 2017:
| 2017 |
|
| May 5. |
Purchased 3,300 shares of Gypsy, Inc., at $28 per share including brokerage commission. Gypsy, Inc., is classified as an available-for-sale security. |
| Sept. 1. |
Purchased $45,000 of Norton Co. 5%, 10-year bonds at 100. The bonds are classified as available for sale. The bonds pay interest on September 1 and March 1. |
| Sept. 9. |
Dividends of $12,300 are received on the Quest Co. investment. |
| Dec. 31. |
Quest Co. reported a total net income of $109,000 for 2017. Luminous recorded equity earnings for its share of Quest Co. net income. |
| Dec. 31. |
Accrued four months of interest on the Norton bonds. |
| Dec. 31. |
Adjusted the available-for-sale investment portfolio to fair value using the
following fair value per-share amounts: |
| Available-for-Sale Investments |
Fair Value |
| Barns Co. stock |
$14 per share |
| Dynasty Co. stock |
$31 per share |
| Gypsy Inc. stock |
$29 per share |
| Norton Co. bonds |
98 per $100 of face amount |
| Dec. 31. |
Closed the Luminous Publishing Inc. net income of $157,600 for 2017. Luminous paid no dividends during 2017. |
Required:
The comparative unclassified balance sheets for December 31, 2017 and 2016 are provided below. Determine the missing amounts in the unclassified balance sheet. Do not round interim calculations. Round final answers to nearest dollar.
| Luminous Publishing, Inc. |
| Balance Sheet |
| December 31, 2017 and 2016 |
|
Dec. 31, 2017 |
Dec. 31, 2016 |
| Cash |
$212850 |
$210400 |
| Accounts Receivable (Net) |
147300 |
136400 |
| Available-for-Sale Investments (at Cost) - Note 1 |
|
74400 |
| Less Valuation Allowance for Available-for-Sale Investments |
|
5900 |
| Available-for-Sale Investments (Fair Value) |
$ |
$68500 |
| Interest Receivable |
$ |
|
| Investment in Quest Co. Stock - Note 2 |
|
$ 74400 |
| Office Equipment (Net) |
123700 |
130200 |
| Total Assets |
$ |
$619900 |
| Accounts Payable |
$ 79100 |
$ 71300 |
| Common Stock |
68200 |
68200 |
| Excess of Issue Price Over Par |
217000 |
217000 |
| Retained Earnings |
|
269300 |
| Unrealized Gain (Loss) on Available-for-Sale Investments |
|
(5900) |
| Total Liabilities and Stockholders' Equity |
$ |
$619900 |