Investment in Equity Securities with No Significant Influence Zyggy Corporation invests in the stock of other companies for trading purposes. Zyggy has the following inve
Investment in Equity Securities with No Significant Influence Zyggy Corporation invests in the stock of other companies for trading purposes. Zyggy has the following investment activity during 2018, 2019, and 2020:
Purchased stock of Allen Corporation on February 3, 2018, for $240,000. The investment was sold on June 18, 2018, for $252,000.
Purchased stock of Becker Corporation on October 29, 2018, for $480,000. The investment had a fair value of $456,000 on December 31, 2018, and was sold for $486,000 on March 1, 2019.
Purchased stock of Corey Corporation on November 1, 2018, for $720,000. Its fair value on December 31, 2018 and 2019 was $768,000 and $612,000, respectively. The investment was sold for $600,000 on February 15, 2020.
a. At what amount is Zyggy’s investment in equity securities reported on its December 31, 2018, and 2019 balance sheets?
Investment in equity securities
b. What gains and losses are reported on Zyggy’s income statements for 2018, 2019, and 2020?
Use a negative sign with answers to indicate a net loss, if applicable.
Net gain/(loss) on investments
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