If you purchase stock of 180,000 on june 10 do you need to record an adjusting journal entry at the end of june if the stock is worth 182000 and the company intends to sell it in the near future to capitalzie on the profits.

its 020 Credits Background: Flyer Corp. had the following transactions during June 2020. June 1, 2020 Purchased supplies on account June 3, 2020 Sold merchandise to customers for cash Original cost of merchandise sold $ 3,000.00 $ June 10, 2020 Purchased 3% of the stock of another company $ 25,413.00 5,123.00 June 12, 2020 $ 180,000.00 Sold merchandise to customers on account Original cost of merchandise sold $ June 15, 2020 11,152.00 3,179.00 Borrowed money by signing a note June 25, 2020 140,000.00 Partially paid for the supplies purchased on June 01 $ 1,750.00 June 29, 2020 Received partial payment from the June 12 customer $ 6,000.00 June 30, 2020 Paid employees for the month of June $ 23,000.00 Additional Information Flyer Corp. started the month with $250,000 in cash, $10,000 in inventory, $240,000 in 1) Common Stock, and $20,000 in Retained Earnings. 2) A physical count at year and valued supplies on hand at $1,000 Sa At the end of June, the stock purchased on June 10 was worth $18,009, the company 3 4) Flyer Corp. uses a perpetual inventory system. 5) The note is due in 6 months and has an APR of 2%, payable when the note is due. Instructions: Complete the June accounting cycle through financial statement preparation using spreadsheet software