Question
I NEED CALCULATION OR PROCESSES SO THAT I CAN STUDY FOR IT. Company A has the...
I NEED CALCULATION OR PROCESSES SO THAT I CAN STUDY FOR IT.
Company A has the following securities in its portfolio of trading securities on December 31, 2018:
Cost Fair Value
5,000 shares of Gray Corp., Common $159,000 $139,000
10,000 shares of Hamilton, Common 182,000 190,000
$341,000 $329,000
All of the securities had been purchased in 2018. In 2019, Company A sold 5,000 shares of Company B, Common at $31 less fees of $1,500.
Instructions (Show your work):
- Prepare the 2018 adjusting entry for Company A.
|
Description |
Debit |
Credit |
- Prepare the journal entry for the sale of the Company B stock in 2019.
|
Description |
Debit |
Credit |
Homework Answers
Answer #1
Refer to the below image for the above mentioned requirements, in a detailed way of solution with calculations.
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