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I want to answer an half an hour before and writ in a clear handwriting if possible Q-16: Financial Co. made the following cash investments

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I want to answer an half an hour before and writ in a clear handwriting if possible
image text in transcribed
Q-16: Financial Co. made the following cash investments during 2019, which is the first year in which Financial Co. invested in securities. 1. On January 15, purchased 4,500 ordinary shares of Muscat cement Company at $33.50 per share plus commission $1,980. 2. On April 1, purchased 2,500 ordinary shares of Raysut Co. at $52.00 per share plus commission $3,370. 3. On September 10, purchased 3,500 preference shares of NBO. at $26.50 per share plus commission $4,910. On May 20, 2019, Financial Co. sold 1,500 shares of Muscat cement Company at a market price of $35 per share less brokerage commissions, taxes, and fees of $850. The year-end fair values per share were Muscat Cement $30, Raysut $55, and NBO $28. In addition, the chief accountant of Financial Co. told you that Financial Co. plans to actively trade these investments. Required: a. Prepare the journal entries to record the above three investment purchases. b. Prepare the journal entry for the investment sale on May 20. c. Compute the unrealized gains or losses and prepare the adjusting entries for Financial on December 31, 2019. (2+2+1 marks)

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