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can someone please help me fix the incorrect answers! On November 1 of Year 1 , Drucker Co, acquired the following investmens in equity securities
can someone please help me fix the incorrect answers!
On November 1 of Year 1 , Drucker Co, acquired the following investmens in equity securities measured at FV.NI. Di December 31, the company's year end, the quoted marker prices were as followsi Kelly Corporation common stock, 552 and Keefe Corporavon preferred stock, s24, Following are the data for the following year (Year 2). Mar. 02: Dhidends per share, declared and paid: Kelly Corp., 51, and Keefe Corp, $0.50. Oct 01: Sold te0 shares of Keefe Corporation preferred stock at $25 per share. Dec. 31; Fair valuet: Kelly common, 546 per share. Keefe preferred, 526 per share. year 2 a. Frepare the entry for Drucker Company to record the purchase of the securities. b. Prepare any adjusting entry needed at December 31, Year 1. Note: if a joumal entryismt required for the transaction, select "N/A-Debit" and "NA-Credit" as the account names and leave the De, and Cr, anwwers blank cterol a. Prepare the entry for Drucker Company to record the purchase of the securisies. b. Prepare any ad usting entry needed at December 31 , Year 1 . Note If a journal entry isn't required for the transaction, select "N/A-Debit" and 'N/A-Credit" as the account names and leaye the Dr. and Cr. answers bank (zero). c. Indicate the nems and amounts that should be reported on the Year 1 income statement of Drucher and its yeariend balance sheec, Assume that the investments arn claesilied as airtent Noter Use a negative sign to indicate a loss: d. Prepare the entnes required in Year 2 to record dividend revenve, the sale of stock, and the fair value adjustment. Assume that the Fair Value Acjustment account needs to be affunted for the investment portfolio on December 31, Year 2 e. Indicate items and amounts that should be reported on the Yeor 2 incone statement and year end balance sheet. Note: Use a feyative sgn to indicate a yoss Step by Step Solution
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