Journal entries and financial statement presentation of marketable equity securities.

The following information summarizes data about Rice Corporation's marketable equity securities held as cun-ent assets and as securities available for sale.

a. Give all journal entries relating to these marketable equity securities during Year I and Year 2, assuming that the accounting period is the calendar year.

b. Demonstrate the presentation of marketable securities in the balance sheet and re- lated notes on December 31. Year 1.

c. Demonstrate the presentation of marketable securities in the balance sheet and re- lated notes on December 31. Year 2.

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Market Value Security Date Acquired Acquisition Date Cost Sold Selling Price Dec. 31. Dec. 31, Year 1 Year 2 A. 3/5/Year 1 $40,000 10/5/Year 2 $52,000 $45,000 B. 5/12/Year 1 80.000 70.000 $83,000 3/22/Year 2 32.000 27.000 D 5/25/Year 2 17,000 10/5/Year 2 15,000 E.. 5/25/Year 2 63,000 67.000