The beginning balance sheet of nasdoq corporation included, Ask an Expert

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The beginning balance sheet of NASDOQ Corporation included the following:

Long Term investment in MSC Software (equity-method investment) ...... $619,000

NASDOQ completed the following investment transactions during the year:

Mar. 16: Purchased 2,000 shares of ATI, Inc., common stock as long term available-for-sale investment, paying $12.25 per share.

May, 21: Recieved cash dividend of $0.75 per share on the ATI investment

Aug. 17: Received cash dividend of $81,000 from MSC Software

Dec. 31: Received annual report from MSC Software; net income for the year was $550,000. Of this amount, NASDOQ's proportion is 22%

At year end, the market value of NASDOQ’s investments is: ATI, $22,700; MSC, $700,000

1. Record the transactions in the journal of NASDOQ Corporation.

2. Post entries to the T-account for Long-term Investment in MSC and determine its balance at December 31.

3. Show how to report the Long-Term Available-for-Sale Investments and the Long-term Investment in MSC accounts on NASDOQ's balance sheet at December 31.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91394148

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