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Can you provide the correct journal entries for each date? The information below relates to Marvin Company's trading securities in 2017 and 2018. Prepare the
Can you provide the correct journal entries for each date?
The information below relates to Marvin Company's trading securities in 2017 and 2018. Prepare the journal entries for the following transactions May 1, 2017 Purchased $250,000 par value of ABC Company bonds at 97 plus accrued interest. The bonds pay interest annually at 9% each December 31. Broker's commission was $2,500. September 1, 2017 Sold $125,000 par value of ABC Company bonds at 94 plus accrued interest. Broker's commission, taxes, and fees were $1,250. September 5, 2017 Purchased 5,000 shares of Hanes, Inc. common stock for $25 per share. The broker's commission on the purchase amounted to $2,000. December 31, 2017 Make the appropriate entry for the ABC Company bonds. December 31, 2017 The market prices of the trading securities at December 31 were: Hanes, Inc. common stock, $26 per share; and ABC Company bonds, 99. Make the appropriate entry. July 1, 2018 Marvin sold 1/2 of the Hanes, Inc. common stock at $27 per share. Broker's commissions, taxes, and fees were $1,000 Marvin purchased 600 shares of Ramz, Inc. common stock at $40 per share. Broker's commission was $500 December 1, 2018 December 31, 2018 Make the appropriate entry for the ABC Company bonds. The market prices of the trading securities at December 31 were: Hanes, Inc. common stock, $28 per share; ABC Company bonds, 98; and Ramz, Inc. common stock, $42 per share. Make the appropriate entry December 31, 2018Step by Step Solution
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