Data for Chartwell Financial's trading investment transactions in 2011 were presented in P12-4A. The following data relate to trading investment activity during 2012:

1. Sold all of the Bravo common shares for $58 per share.

2. The market price of the Miranda common shares at December 31, 2012, was $34 per share.

Instructions

(a) Record the sale of the Bravo common shares and any adjusting entries required at year end.

(b) Show how the investments would be presented on the statement of financial position at December 31, 2012.

(c) Determine the balance in each of the income statement accounts that are affected in the transactions above and indicate how they would be presented on the income statement for the year ended December 31, 2012.

(d) How would your answers to (b) and (c) change if the fair values of the securities in the portfolio could not beobtained?