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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. | $29,000.00 | $31,900.00 |
3 | Luck Company | 35,100.00 | 28,600.00 |
4 | Wilson Company | 30,960.00 | 26,660.00 |
5 | Total | $95,060.00 | $87,160.00 |
On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $23,420.
Required:
Journalize the entries to record the following:
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