On September 15, 2014, Hill-Nielson Corporation purchased 7,000 shares of Community Communications Company for $32 per share.
Question:
Price
12/31/2014 ... $34
12/31/2015 .... 25
12/31/2016 .... 21
Required:
1. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the trading securities portfolio.
2. Prepare journal entries to record the facts in the case, assuming that Hill-Nielson purchased the shares for the available-for-sale securities portfolio.
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...
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Req 1 Sept 15 2014 Investments in TS A 224000 Cash A 7000 shares x 32 224000 Dec 31 2014 Investmen...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
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