Castleman holdings inc. had the following available-for-sale investment portfolio at jan 1 2012
- Evers company 1,000 shares @ $15 each $15,000
- Rogers company 900 shares @ $20 each $ 18,000
- Chance compnay 500 shares @ $9 each $ 4,500
- Equity Investments (available-for-sale) at cost $37,500
- Fair value adjusment(available-for-sale) ($7,500)
- Equity investments(available-for-sale) @ fair value $30,000
During 2012 the following transactions took place:
1. On March 1, rogers company paid a $2 per share dividend
2. on april 30, castleman holdings sold 300 shares of chance compnay for $11 per share
3. on may 15, castleman holdings purchased 100 more shares of evers co. stock at $16 per share
4. at dec 31, 2012 the stocks had the following price per share values: Evers $17, Rogers $19, and Chance $8
During 2013, the following transactions took place
5, On feb 1 castleman holdings sold the remaining chance shares for $8 per share
6. on march 1 rogers company paid a $2 per share dividend
7. on dec 21 evers company declared a cash dividend of $3 per share to be paid in the next month
8. at dec 31, 2013 the stocks had the following price per share values: Evers $19 and Rogers $21
A) Prepare journal entries for each of the above transactions
B) Prepare a partial balance sheet showing the investment-related amounts to be reported at Dec 31, 2012 and 2013