In December:

1. The company purchased 200 shares of Company B for 9 per share, shares bought for resale.

2. The company sold all shares of Company A at a total value of 34 000. Additional stock brokers commission for the transaction was 1 000.

3. The company sold all shares of Company B at 3 per share.

Required:

1. Open the T-accounts based on the Balance Sheet data.

2. Record all transactions in T-accounts and close all accounts.

3. Prepare closing Balance Sheet and Income Statement for the year ending 31.12.2019

The balance sheet of the company ABC as at 1.12.2019: ASSETS EQUITY & LIABILITIES Long-term investments 30 000 Shareholders' equity 20 000 tin Company A, 15 000 shares) other assets 20 000 Liabilities (including cash) Total assets 50 000 Total equity & liabilities 30 000 50 000 In December: 1. The company purchased 200 shares of Company B for 9 per share, shares bought for resale. 2 The company sold all shares of Company A at a total value of 34 000. Additional stock broker's commission for the transaction was 1 000. 3. The company sold all shares of Company B at 3 per share, Required: 1. Open the T-accounts based on the Balance Sheet data 2. Record all transactions in T-accounts and close all accounts 3. Prepare closing Balance Sheet and Income Statement for the year ending 31.12.2019