Question
Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: DateCompany# of SharesPrice
Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities:
DateCompany# of SharesPrice per Share
8/15X Company1,500$40
9/25Y Company1,250$30
9/30Z Company1,000$28
On November 10th, Easton Company sold the Y Company stock for $31 per share. On December 15th, Z Company paid dividends of $0.12 per share. The following were the year-end market values:
CompanyFMV per Share
X Company$41
Y Company$15
Z Company$27
What the total dollar values that Easton Company should record for the Unrealized Gain or (Loss) on Trading Securities for 2018?Enter a Loss as a negative number.
Unrealized Gain or (Loss) on Trading Securities
--------------------------------Cost------------Sale----------------------Fair Value----------Gain or (Loss)
X Company 1,500 x$40--$60,000---------------------------(1,500 x$41)$61,500---------$1,500
Y Company 1,250 x30---$37,500-----(1,250 x31) $38,750--------------------------------$1,000
Z Company 1,000x 28--$28,000----------------------------(1,000x 27) $27,000-$120---($1,120)
Total Unrealized Gain-----------------------------------------------------------------------------$1,380
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