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ans the short questions please I'll rate any wrong or incomplete ans will call 'em for question refund thanks. Fair Value Journal Entries, Trading Investments

ans the short questions please I'll rate any wrong or incomplete ans will call 'em for question refund thanks.

Fair Value Journal Entries, Trading Investments

Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows:

Name Number of Shares Total Cost Total Fair Value
Griffin Inc. 1,300 $17,420 $16,370
Luck Company 650 21,320 19,830
Wilson Company 200 6,400 6,530
Total $45,140 $42,730

On May 10, Year 2, Gruden Bancorp Inc. purchased 600 shares of Carroll Inc., at $32 per share plus a $120 brokerage commission.

Provide the journal entries to record the following:

a. The adjustment of the trading security portfolio to fair value on December 31, Year 1.

Year 1 Dec. 31

b. The May 10, Year 2, purchase of Carroll Inc., stock.

Year 2 May 10

* Fair Value Journal Entries, Available-for-Sale Investments

Storm, Inc. purchased the following available-for-sale securities during Year 1, its first year of operations:

Name Number of Shares Cost
Dust Devil, Inc. 1,100 $32,670
Gale Co. 400 28,760
Whirlwind Co. 2,200 63,800
Total $125,230

The market price per share for the available-for-sale security portfolio on December 31, Year 1 was as follows:

Market Price per Share
Dec. 31, Year 1
Dust Devil, Inc $21
Gale Co. 78.5
Whirlwind Co. 28

a. Provide the journal entry to adjust the available-for-sale security portfolio to fair value on December 31, Year 1.

Year 1 Dec. 31

b. Is there any impact of December 31, Year 1 journal entry on the income statement?

, any unrealized gain/loss is reported of the

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