INVESTMENT PROPERTY, OTHER NON-CURRENT FINANCIAL ASSETS AND
NON-CURRENT ASSETS HELD FOR SALE
The transaction given below relate to a fund being accumulated by Raymond
Company over a period of 20 years for the construction of additional buildings.
1. Cash is transferred from the general cash account to the fund.
2. Preference shares of Mike Company are purchased as an investment of the
fund.
3. Bonds of SeaLand Corporation are purchased between interest payment dates
at a discount, as an investment of the fund.
4. Dividends are received on Mike Company preference shares.
5. Expenses of the fund are paid. 6. Interest is collected on SeaLand Corporation
bonds.
7. Purchased Orange Place Corporation ordinary shares.
8. Sea Corporation bonds are sold at a gain between interest payment dates.
9. Received cash dividend on Orange Place Corporation ordinary shares.
10. Sold Mike Company preference shares and Orange Place Corporation ordinary
shares at a gain.
11. Cash is paid for building construction.
12. The remaining cash balance in the fund is transferred to the general cash
account.
REQUIRED: Prepare pro-forma entries to record the following transactions
relating to the fund.