15 Jan Fellows Inc., a publicly traded manufacturing comp
Fellows Inc., a publicly traded manufacturing company in the technology industry, has a November 30 fiscal year end. The company grew rapidly during its first 10 years and made three public offerings during this period. During its rapid growth period, Fellows acquired common shares in Yukasato Inc. and Admin Importers. In 2003, Fellows acquired 25% of Yukasato s common shares for $588,000 and accounts for this investment using the equity method. The book value of Yukasato s net assets at the date of purchase is $1.8 million. The excess of the purchase price over the book value of the net assets relates to assets that are subject to amortization. These assets have a remaining life of 20 years. For its fiscal year ended November 30, 2014, Yukasato Inc. reported net income of $250,000 and paid dividends of S 100,000. In 2005, Fellows acquired 10% of Admin Importers common shares for $204,000 and accounts for this investment as a financial asset at fair value through other comprehensive income (FV-OCI). Fellows also has a policy of investing idle cash in equity securities to generate short-term profits. The following data are for Fellows trading investment portfolio: On November 14, 2014, Ted Yan was hired by Fellows as assistant controller. His first assignment was to prepare the entries to record the November activity and the November 30, 2014 year-end adjusting entries for the current trading investments and the investment in common shares of Admin Importers. Using
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