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Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on
Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows:
1 | Issuing Company | Cost | Fair Value |
---|---|---|---|
2 | Griffin Inc. | $29,200.00 | $32,120.00 |
3 | Luck Company | 30,000.00 | 26,400.00 |
4 | Wilson Company | 30,600.00 | 26,350.00 |
5 | Total | $89,800.00 | $84,870.00 |
On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,870.
Required:
Journalize the entries to record the following:
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