Question
At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows : Security Shares Unit Cost Unit Market Value Dec 31
At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows :
Security Shares Unit Cost Unit Market Value Dec 31
Costco Preferred stock 5% , $25 800 $125 $135
Kmart Common stock$ 10 par 300 25 20
The fiscal year ends December 31 , and these securiies were all purchased during the Year 2012
1)Prepare the journal entry to record the acquisiton of theseinvestments on January 1 ( 6 pts)
2)Prepare the journal entry to record receipt of Cosco annual preferred cash dividends Oct 31 (6 pts)
3)PrepareE Any necessay entries at year end December 31(6 pts)
4)OnJanuary 30 ofthe following year Kmart stock was trading at$15 per share and
Investor decided to sell 200 Kmart shares( 6 pts)
5)OnJanuary 30 ofthe following yearCostcopreferred shares weretrading at$140 per share and
investor is hodling on to these for nowand instruct to update the accounts ( 6 pts)
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