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Coronado Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments
Coronado Company has the following securities in its portfolio on December 31, 2020. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., Common $75,900 $71.000 5,000 shares of Wallace Corp. Common 196,200 191,300 400 shares of Martin, Inc., Preferred 61,500 63,200 $333,600 $325,500 All of the securities were purchased in 2020. In 2021. Coronado completed the following securities transactions March 1 Sold the 1,500 shares of Gordon, Inc, Common, @ $45 less fees of $1,200. April 1 Bought 700 shares of Earnhart Corp., Common @ $75 plus fees of $1,300. Coronado's portfolio of equity securities appeared as follows on December 31, 2021, Investments Cost Fair Value 5,000 shares of Wallace Corp., Common $196,200 $191,300 700 shares of Earnhart Corp, Common 53,800 50,700 400 shares of Martin, Inc., Preferred 61,500 59,400 $311,500 $301,400 Prepare the general journal entries for Coronado Company for: (a) The 2020 adjusting entry. (b) The sale of the Gordon stock. (c) The purchase of the Earnhart stock. (d) The 2021 adjusting entry for the trading portfolio. (a) (b) () (d)
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