Instructions 8th State Bank prepares interim financial statements and follows an investment strategy of investing in trading securities. At the beginning of the third quarter of 2016, the bank held following portfolio of trading securities: Security 100 shares of Gordan Company common stock 600 shares of Olivia Company common stock Cost $2,900 12.000 $14,900 June 30, 2018 Fair Value $2,800 12,600 $15,400 Totals During the third quarter of 2018, the bank entered into the following trading securities transactions: July 2 14 Received dividends of $1.50 per share on the Gordan Company common stock Sold 600 shares of Olivia Company common stock for $20 per share. Purchased 300 shares of Porter Company common stock for 1 pershan Aung 152 Prepaid Insurance Previous Next > Check My Work man Sawan S inger for Grading All work saved. Instructions During the third quarter of 2018, the bank entered into the following trading securities transactions: July 2 Aug. 9 24 Received dividends of $1.50 per share on the Gordan Company common stock Received in Sold 600 shares of Olivia Company common stock for $20 per share. Purchased 300 shares of Porter Company common stock for $36 per share. Sold 100 shares of Gordan Company common stock for $30 per share. Purchased 500 shares of Union Company common stock for $22 per share. Sept. 17 On September 30, 2018, the Porter Company common stock had a quoted market price of $36.50 per share and the Union Company common stock had a quoted market price of $21 per share. Required: 1. Prepare journal entries to record the preceding information 152 Prepaid Insurance Previous Next > Check My Work Email Instructor Save and Exit Submit Assignment for Grading All work saved. Instructions Aug. 9 24 Sept. 17 Purchased 300 shares of Porter Company common stock for $36 per share. Sold 100 shares of Gordan Company common stock for $30 per share. Purchased 500 shares of Union Company common stock for $22 per share O September 30, 2018, the Porter Company common stock had a quoted market price of $36.50 per share and the Union Company common stock had a quoted market price of $21 per sharo. Required: 1. Prepare journal entries to record the preceding information 2. Show what the bank reports on its third quarter 2018 income statement for these trading securities 3. Show how the bank reports these trading securities on its September 30, 2018, balance sheet. 152 Prepaid Insurance Check My Work Previous Next > All work saved. Email Instructor Save and Exit Submit Assignment for Grading Trading Securities Chart of Accounts General Journal Income Statement Balance Sheet Instructions St ark prepares financia following portfolio of trading securities m ents and follows an investment strategy of investing in trading securries. Al the beginning of the third quarter of 2018, the bank hold the Cost Security 100 shares of Gordan Company common stock on stock 500 shares of Company common stock June 30, 2018 For Value 12.900 52.800 12,000 12,600 $15.400 During thei r of 2018, the bank in the owing trading secure transactions July 2 Received dividends of $150 per share on the Garden Company common stock Sold 500 shares of Concommon s Check My Wore Previous Next > All work saved Email Instructor Save and for Grading Instructions Aug. 9 24 Sept. 17 Purchased 300 shares of Porter Company common stock for $36 per share. Sold 100 shares of Gordan Company common stock for $30 per share. Purchased 500 shares of Union Company common stock for $22 per share. On September 30, 2018, the Porter Company common stock had a quoted market price of $36.50 per share and the Union Company common stock had a quoted market price of $21 per share Required: 1. Prepare journal entries to record the preceding information 2. Show what the bank reports on its third quarter 2018 income statement for these trading securities 3. Show how the bank reports these trading securities on its September 30, 2018, balance sheet. Check My Work Previous Next All work saved Email Instructor Save and Exit Submit Assignment for Grading Instructions Chart of Accounts General Journal Income Statement Balance Sheet Instructions 600 shares of Olivia Company common stock Totals 12.000 $14,900 12,600 $15,400 During the third quarter of 2018, the bank entered into the following trading securities transactions: July 2 14 Aug. 9 24 Sept. 17 Received dividends of $1.50 per share on the Gordan Company common stock Sold 800 shares of Olivia Company common stock for $20 per share Purchased 300 shares of Porter Company common stock for $36 per share Sold 100 shares of Gordan Company common stock for $30 per share Purchased 500 shares of Union Company common stock for $22 per share On September 30, 2018, the Porter Company common stock had a quoted market price of $36.50 per share and the Union Company common stock had a quoted market price of $21 Check My Work Previous Next > All work saved. Email Instructor Save and Exit Submit Assignment for Grading METRO