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39.The cost and fair value of the trading securities held by Lindy Company as of December 31 are as follows: Name Number of Shares Cost
39.The cost and fair value of the trading securities held by Lindy Company as of December 31 are as follows:
| Name | Number of Shares | Cost per Share | Fair Value per Share | Total Cost | Total Fair Value |
| Laurie, Inc. | 1,200 | $10.50 | $11.05 | ||
| Scott Corp. | 600 | 9.00 | 9.85 | ||
| Stephanie Company | 900 | 4.10 | 4.00 | ||
| Timmer Company | 1400 | 7.35 | 6.82 | ||
| Total |
| Required: | |
| (a) | Complete the table above to find the total cost and fair value for the companys trading securities portfolio. |
| (b) | Calculate and record the required December 31 adjustment. Refer to the Chart of Accounts for exact wording of account titles. |
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Authors: Zabihollah Rezaee
1st Edition
1631571567, 978-1631571565
