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Chapter-15 Comprehensive Problem 4 Chapter 15 COMPREHENSIVEPROBLEM 4 : Equinox products Selected transactions completed byEquinox Products Inc. during the fiscal year ended December 312014 were as follows: a. Issued 15000 shares of $20 par commonstock at $30 receiving cash. b. Issued 4000 shares of $80 parpreferred 5% stock at $100 receiving cash. c. Issued $500000 of10-year 5% bonds at 104 with interest payable semiannually. d.Declared a quarterly dividend of $0.50 per share on common stockand $1.00 per share on preferred stock. On the date of record100000 shares of common stock were outstanding no treasury shareswere held and 20000 shares of preferred stock were outstanding.e. Paid the cash dividends declared in (d). f. Purchased 7500shares of Solstice Corp. at $40 per share plus a $150 brokeragecommission. The investment is classified as an available-for-saleinvestment. g. Purchased 8000 shares of treasury common stock at$33 per share. h. Purchased 40000 shares of Pinkberry Co. stockdirectly from the founders for $24 per share. Pinkberry has 125000shares issued and outstanding. Equinox Products Inc. treated theinvestment as an equity method investment. i. Declared a $1.00quarterly cash dividend per share on preferred stock. On the dateof record 20000 shares of preferred stock had been issued. j.Paid the cash dividends to the preferred stockholders. k. Received$27500 dividend from Pinkberry Co. investment in (h). l. Purchased$90000 of Dream Inc. 10-year 5% bonds directly from the issuingcompany at their face amount plus accrued interest of $375. Thebonds are classified as a heldto maturity long-term investment. m.Sold at $38 per share 2600 shares of treasury common stockpurchased in (g). n. Received a dividend of $0.60 per share fromthe Solstice Corp. investment in (f). o. Sold 1000 shares ofSolstice Corp. at $45 including commission. p. Recorded thepayment of semiannual interest on the bonds issued in (c) and theamortization of the premium for six months. The amortization isdetermined using the straight-line method. q. Accrued interest forthree months on the Dream Inc. bonds purchased in (l). r. PinkberryCo. recorded total earnings of $240000. Equinox Products recordedequity earnings for its share of Pinkberry Co. net income. s. Thefair value for Solstice Corp. stock was $39.02 per share onDecember 31 2014. The investment is adjusted to fair value usinga valuation allowance account. Assume Valuation Allowance forAvailable-for-Sale Investments had a beginning balance of zero.



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