Here is Marigold Company's portfolio of long-term stock investments at December 31, 2021, the end of its first year of operations. 1,680 shares of Batone Inc. common stock 1,440 shares of Mendez Corporation common stock 960 shares of P. Tillman Corporation preferred stock Cost $88,200 100,800 40,320 On December 31, the total cost of the portfolio equaled the total fair value. Marigold had the following transactions related to the securities during 2022. Jan. 20 Sold 1,680 shares of Batone Inc. common stock at $55 per share. 28 Purchased 480 shares of $10 par value common stock of P. Wahl Corporation at $78 per share. 30 Received a cash dividend of $1.25 per share on Mendez Corporation common stock. Feb. 8 Received cash dividends of $0.40 per share on P. Tillman Corporation preferred stock. 18 Sold all 960 shares of P. Tillman preferred stock at $35 per share. July 30 Received a cash dividend of $1.10 per share on Mendez Corporation common stock. Sept. 6 Purchased an additional 720 shares of the $10 par value common stock of P. Wahl Corporation at $82 per share. Dec. 1 Received a cash dividend of $1.50 per share on P. Wahl Corporation common stock. At December 31, 2022, the fair values of the securities were: Mendez Corporation common stock $65 per share P. Wahl Corporation common stock $77 per share Marigold uses separate account titles for each investment, such as Investment in Mendez Corporation Common Stock. Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 20 Cash 92400 Gain on Sale of Stock Investments 92400 Jan. 28 Cash Dividends Preferred Stock Cash Dividends Common Stock Post to the investment accounts. (Use separate T-accounts for each investment.) (For accounts with zero balance select "12/31 Bal." from the list and enter "0" or leave it blank.) Investment in Batone Inc. Common Stock Investment in Mendez Corporation Common Stock Investment in P. Tillman Corporation Preferred Stock Investment in P. Wahl Corporation Common Stock Prepare the adjusting entry at December 31, 2022, to report the portfolio at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 e Textbook and Media List of Accounts Show the balance sheet presentation at December 31, 2022. MARIGOLD COMPANY Balance Sheet Investments
