Douglas corporation buys the following investments on January 10, 2019:

1. 800 shares in Foxcom, total cost $10,000

2. 600 shares in Lamb computer, total cost $6,000

On April 18 2019 Douglas corporation sold 100 Foxcom shares for $1,200 total and 300 Lamb Computer shares for $3,300 total.

Instructions

1. Prepare the journal entry to record the purchase of Foxcom shares

2. Prepare the journal entry to record the purchase of Lamb Computer shares

3. Prepare the journal entries for the sale of the Foxcom shares and the sale of the Lamb Computer shares

3. Indicate the amount that the remaining shares should be recorded in the balance sheet at December 31, 2019, assuming the following:

1. There were no further transactions during the months of May to December 2019.
2. The year-end (December 31, 2019) market value of Foxcom shares and Lamb Computer shares had remained the same since January 10, 2019.