Chapter 17: Investments 17-19 2, (L.?. 2) Funk Company has the following securities in its investment portfolio on pecember 31, 2016 (all securities were purchased in 2014): (1) 5,000 shares of Beem ommon stock which cost $55,000, (2) 30,000 shares of Lenard Co. common stock which cos Co 150,000, and (3) 4,000 shares of Taylor Co. common stock which cost $120,000. djustment account shows a credit of $8,500 at the end of 2016. The Fair Value In 2017 Funk completed the following securities transactions (a) On March 15, sold 2,000 shares of Beem's common stock at $10 per share $150. less fees of (b) On June 1, purchased 10.000 shares of Chong Co.common stock at $12 per share plus fees of $200. On December 31, 2017, the market values per share of these securities were: Beem $8, Taylor $28, and Chong $15. In addition, the Treasurer of Funk told you that, even ugh all these securities have readily determinable fair values, Funk will not actively trade these urities because the company plans to hold them for more than one year Instructions: (a) Prepare the entry for the security sale on March 15, 2017. (b) Prepare the journal entry to record the security purchase on June 1, 2017. c) Compute the unrealized gains or losses and prepare the adjusting entry for Beem or December 31, 2017. General Journal Date Account Title Debit Credit