Equity Investments?Trading Swanson Company has the following securities in its trading portfolio of securities on December 31, 2010. All of the securities were purchased in 2010. In 2011, Swanson completed the following securities transactions. March 1 sold the 1,500 shares of Parker, Inc., Common, @ $45 less fees of $1,200.

April 1 Bought 700 shares of McDowell Corp., Common, @ $75 plus fees of $1,300. Swanson Company's portfolio of trading securities appeared as follows on December 31, 2011. Prepare the general journal entries for Swanson Company for:

(a) The 2010 adjusting entry.

(b) The sale of the Parker stock.

(c) The purchase of the McDowell stock.

(d) The 2011 adjusting entry for the trading portfolio.

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Investments (Trading) Cost Fair Value $ 71,500 180,000 $ 69,000 175,000 61,600 1,500 shares of Parker, Inc., Common 5,000 shares of Beilman Corp., Common 400 shares of Duncan, Inc., Preferred 60,000 $311,500 $305,600 Investments (Trading) Cost Fair Value $180,000 $175,000 5,000 shares of Beilman Corp., Common 700 shares of McDowell Corp., Common 400 shares of Duncan, Inc., Preferred 53,800 60,000 50,400 58,000 $293,800 $283,400