(Trading Securities Entries) On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities During 2007, Colorado Company stock was sold for $9,400 The fair value of the stock on December 31, 2007, was Clemson Corp stock$19,100 Buffaloes Co sto...

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(Trading Securities Entries) On December 21, 2006, Bucky Katt Company provided you with the following information regarding...

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(Trading Securities Entries) On December 21, 2006, Bucky Katt Company provided you with the following information regarding its trading securities.

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During 2007, Colorado Company stock was sold for $9,400. The fair value of the stock on December 31, 2007, was: Clemson Corp. stock—$19,100; Buffaloes Co. stock—$20,500.

Instructions

(a) Prepare the adjusting journal entry needed on December 31, 2006.

(b) Prepare the journal entry to record the sale of the Colorado Company stock during 2007.

(c) Prepare the adjusting journal entry needed on December 31, 2007.

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