Investment Reporting
Guardian Devices, Inc., manufactures and sells commercial and residential security equipment.
The following selected investment transactions occurred during 2013:
Note 1. Investments are classified as available for sale. The investments at cost andfair value on December 31, 2012, are as follows:
Note 2. The Investment in Omaha Co. stock is anequity method investment representing 32% of the outstanding shares of Omaha Co.
The comparative unclassified balance sheets for December 31, 2013 and 2012 are provided below. Selected balances are missing. Determine the missing values. Enter all amounts as positive numbers. Do not round interim calculations. Round final answers to nearest dollar.
Here are some “hints”
a. Calculate the portfolio cost. Remember that there are four investments.
b. Calculate requirement (c) first; then calculate the difference between requirement (a) and (c) to obtain this answer.
c. Calculate the portfolio market value. Remember that there are four investments.
d. Bond principal x interest rate x time held from Oct. 1 to Dec. 31 = interest.
e. Beginning balance, $62,000, plus share of income (Omaha net income x percentage of share investment) minus share of dividends (total Omaha dividends x percentage of share investment).
f. Beginning retained earnings from 2012 balance plus Guardian net income from 2013.
g. Same as requirement (b).
PLEASE HELP!!