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I need part B, thank you PronghornCompany has the following portfolio of investment securities at September 30, 2020, its last reporting date. On November 5,
I need part B, thank you
PronghornCompany has the following portfolio of investment securities at September 30, 2020, its last reporting date. On November 5, 2020, the Platter shares were sold at a price of $41 per share. In addition, 7,600 shares of Patriot common stock were acquired at $36 per share on November 26 , 2020. The December 31,2020 , fair values were Perry $427,200, Pokey $74,400, and Patriot common $278,300. All the securities are classified as trading. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) How would the entries in part (a) change if the securities were classified as available-for-sale? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Step by Step Solution
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