On February 1, Year 2, the Razorback Corporation decides to transfer its available-for-sale securities to the trading

Question:

On February 1, Year 2, the Razorback decides to transfer its available-for-sale securities to the trading category. These securities had been purchased for $9,400 early in Year 1 and had a fair value of $11,700 on December 31, Year 1. On February 1, Year 2, the securities have a fair value of $12,500. Prepare the journal entries to record the transfer.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...