Question
a) I got the wrong answers for this one, please help me out solving the questions. => Give me some solutions (B) Prepare the Bridgeport
a) I got the wrong answers for this one, please help me out solving the questions.
=> Give me some solutions
(B) Prepare the Bridgeport Corporation general journal entry for the sale of the David Jones Inc. shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(C) Prepare the Bridgeport Corporation general journal entry for the purchase of the David Jones Inc. shares.
(d) Prepare the Bridgeport Corporation general journal entry for the December 31, 2022, adjusting entry.
Please answers and some solutions for (a)~(d). Thanks!
Current Attempt in Progress Bridgeport Corporation has the following securities in its portfolio of investments that are held for trading on December 31, 2021, Bridgeport's year end (all investments are included in one account Investments at FVTPL): Fair Value Investments 1,500 shares of David Jones Inc., common 5,000 shares of Heam Corp., common 400 shares of Alessandro Inc., preferred Carrying Amount (before adjustment) $ 73,500 180,000 60,000 $313,500 $ 66,070 174,480 61.990 $302.540 During 2022, Bridgeport completed the following transactions: Mar. 1 Apr. 1 Sold the 1,500 shares of David Jones Inc. common at $41.75 per share. Bought 700 shares of Oberto Ltd. common at $75.50 per share Bridgeport Corporation's portfolio of held for trading investments appeared as follows on December 31, 2022: Investments 5.000 shares of Heam Corp., common 700 shares of Oberto Ltd., common 400 shares of Alessandro Inc., preferred Carrying Amount $ 174.480 52,850 61,990 $289,320 Fair Value $ 175,000 50,400 57,000 $282,400 (a) Your Answer Correct Answer (Used) Prepare the Bridgeport Corporation general journal entry for the December 31, 2021, adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Investment Income or Loss 10.960 Investments at FVTPL 10,960 (b)
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