On September 15, 2017, MultiMedia Corporation purchased 10,000 common shares of Community Broadcasting Company for $32 per

Question:

On September 15, 2017, MultiMedia Corporation purchased 10,000 common shares of Community Broadcasting Company for $32 per share. The following information applies to Community Broadcasting's price per share:

Required

1. Prepare journal entries to record the facts in the case, assuming that Multi Media purchased the shares for the portfolio of securities held for trading.2. Prepare journal entries to record the facts in the case, assuming that Multi Media pm-chased the shares as an investment available for 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...