During 2014, the first year of its operations, Profit Industries purchased the following securities: During 2015, Profit
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During 2014, the first year of its operations, Profit Industries purchased the following securities:
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During 2015, Profit sold one-half of security A for $8,000 and one-half of security D for $15,000.
Provide the journal entries required to do the following:
1. Adjust the portfolio of securities to its fair value at the end of 2014.
2. Record the sale of security A and security D.
3. Adjust the portfolio of securities to its fair value at the end of 2015.
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...
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