Noonan Corporation prepares quarterly financial statements and invests its excess funds in marketable securities. At the end of 2018, Noonan’s portfolio of investments consisted of the following equity securities:

During the first half of 2019, Noonan engaged in the following investment transactions:
Jan. 6 Sold one-half of the Sachs shares for $45 per share.
Feb. 3 Purchased 700 shares of Jackson Corporation common stock for $45 per share.
Mar. 31 Dividends of $2,500 were received on the investments, and the following information is available on market prices:
Security.............................Fair Value per Share
Keene Company ............................$59
Sachs Inc. .........................................45
Bacon Company .............................70
Jackson Corporation ......................43
Apr. 14 Purchased 300 shares of Quinn Company preferred stock for $52 per share.
May 11 Sold the remainder of the Sachs shares for $42 per share.
June 30 Dividends of $2,800 were received on investments, and the following information is available:
Security............................Fair Value per Share
Keene Company ........................$62
Bacon Company .........................69
Jackson Corporation ...................46
Quinn Company .........................50

Required:
1. Record Noonan’s investment transactions for January 6 through June 30, 2019.
2. Show the items of income or loss from investment transactions that Noonan reports for each of the first and second quarters of 2019.
3. Show how the preceding items are reported on the first and second quarter 2019 ending balance sheets, assuming that management expects to dispose of the Keene and Sachs securities within the next year.

Transcribed Image Text:

Cost per Number of Shares Fair Value per Share $60 Security Share Keene Company Sachs Inc. Bacon Company $60 500 800 43 44 400 70 72