First National Bank buys and sells securities. The company's fiscal year ends on December 31 . The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000 ( $3.80 per share). December 28 Receives cash dividends of $4,800 from the Classic Computers shares. December 31 The fair value of Classic Computers' stock is $3.60 per share. Required: 1. How will each of these transactions, including an adjustment on December 31 for the investment's fair value, affect the financial statements? 2. Calculate the balance of the Investments account on December 31. Complete this question by entering your answers in the tabs below. First National Bank buys and sells securities. The company's fiscal year ends on December 31 . The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000 ( $3.80 per share). December 28 Receives cash dividends of $4,800 from the Classic Computers shares. December 31 The fair value of Classic Computers' stock is $3.60 per share. Required: 1. How will each of these transactions, including an adjustment on December 31 for the investment's fair value, affect the financial statements? 2. Calculate the balance of the Investments account on December 31. Complete this question by entering your answers in the tabs below. Receives cash dividends of $4,800 from the Classic Computers shares. How will this transaction affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. First National Bank buys and sells securities. The company's fiscal year ends on December 31 . The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000 ( $3.80 per share). December 28 Receives cash dividends of $4,800 from the classic Computers shares. December 31 The fair value of Classic Computers' stock is $3.60 per share. Required: 1. How will each of these transactions, including an adjustment on December 31 for the investment's fair value, affect the financial statements? 2. Calculate the balance of the Investments account on December 31. Complete this question by entering your answers in the tabs below. The fair value of Classic Computers' stock is $3.60 per share. How will this transaction affect the financial statements? Note: Amounts to be deducted should be indicated by a minus sign. First National Bank buys and sells securities. The company's fiscal year ends on December 31 . The following selected transactions relating to First National's trading account occurred during the year. December 20 Purchases 180,000 shares in Classic Computers common stock for $684,000($3.80 per share). December 28 Receives cash dividends of $4,800 from the Classic Computers shares. December 31 The fair value of Classic Computers' stock is $3.60 per share. Required: 1. How will each of these transactions, including an adjustment on December 31 for the investment's fair value, affect the financial statements? 2. Calculate the balance of the Investments account on December 31. Complete this question by entering your answers in the tabs below. Calculate the balance of the Investments account on December 31
