Shares of Apple Common Stock

Shares of Apple Common Stock

Instructions/Descriptions

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Question Description

Apple has 350,000 common shares authorized and 200,000 common shares issued and outstanding at $2 par value.

On March 17, 2018, Apple issued to Huawei 35,000 shares of Apple common stock as a long-term investment at $40 per share.

Huawei purchased 30,000 more shares of Apple stock on June 15, 2019 at $41.50 per share.

On December 31, 2018, and December 31, 2019, the market value of the Apple stock is $42 and $43, respectively.

Huawei sells 1,000 shares of Apple investment for $45 per share on March 31, 2020.

Before any of the above:

Apple has net income of $1,350,000 in 2018 and $849,000 in 2019.

Huawei has net income of $520,000 in 2018 and $476,000 in 2019.

Prepare the separate necessary journal entries for 2018 and 2019 and 2020. (For Huawei and Apple)

What is the effect on the balance sheet for 2018 and 2019 and 2020? What is reported on the balance sheet? (For Huawei and Apple)

it says to list out any assumptions you have to make in order to solve the problem and if you decide to treat a certain issue, clearly list out the ASC section along with a description of how you came to that conclusion.

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