Rocktown Corporation bought 600 shares of General Eccentric stock on March 20, 2013, for its trading securities portfolio at $29 per share Rocktown sold the stock at $33 per share on June 23, 2013 Prepare the journal entries to record the transactions on each of these dates, assuming that the inves...

March 20 Dr Trading Securities A 17400 Cr Cash A 17400 Pur ...

Rocktown Corporation bought 600 shares of General Eccentric stock on March 20, 2013, for its trading securities

Question:

Rocktown bought 600 shares of General Eccentric stock on March 20, 2013, for its trading securities at $29 per share. Rocktown sold the stock at $33 per share on June 23, 2013. Prepare the journal entries to record the transactions on each of these dates, assuming that the investment had not yet been adjusted to fair value (that is, the investment was still recorded at cost at the time of sale)?
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... Portfolio
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...