Question
At December 31, 2017, Isotope Co. held the following investments in stock that are classified as trading securities. All investments were acquired in December 2017.
At December 31, 2017, Isotope Co. held the following investments in stock that are classified as trading securities. All investments were acquired in December 2017.
| Security | Cost | Market Value |
| B | $1,500 | $1,350 |
| C | 3,000 | 3,050 |
Changes in fair value were considered to be temporary. On March 1, 2018, half of the B Company stock was sold for $650. At December 31, 2018, the following investments in stock were held by Isotope:
| Security |
| Market Value |
| B | $ 550 | |
| C | 3,850 |
Changes in fair value again were considered to be temporary. Required: Prepare journal entries for
| a. | December 31, 2017 |
| b. | March 1, 2018 |
| c. | December 31, 2018 |
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Accounting Information Systems
Authors: Ulric Gelinas, Richard Dull, Patrick Wheeler
10th Edition
113393594X, 9781133935940
