Investment in Debt and Equity Securities In February 2009, Packard Corporation purchased the following securities. Prior to these purchases, Packard had no portfolio of investment securities.

During 2009, Packard received $2,400 in interest and $1,800 in dividends. On December 31, 2009, Packard’s portfolio of securities had the following market values:

Prepare the journal entries required to record each of these transactions.

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Security Classification Cost 1 Debt Trading $11,500 234 Equity Trading 9,000 Equity Available-for-sale 7,250 Debt Available-for-sale 12,300