Question
Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair
Journal entries for trading investments Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: Issuing Company Cost Fair Value Griffin Inc. $16,080 $15,120 Luck Company 24,600 22,880 Wilson Company 10,850 11,070 Total $51,530 $49,070 On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $15,580. Journalize the entries to record the following: If an amount box does not require an entry, leave it blank. a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3. 20Y3, Dec. 31 fill in the blank f1a3a8010fcc059_2 fill in the blank f1a3a8010fcc059_3 fill in the blank f1a3a8010fcc059_5 fill in the blank f1a3a8010fcc059_6 b. The May 10, 20Y4, purchase of Carroll Inc. securities. 20Y4, May 10 fill in the blank b02e4d05bfc601b_2 fill in the blank b02e4d05bfc601b_3 fill in the blank b02e4d05bfc601b_5 fill in the blank b02e4d05bfc601b_6 c. The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase of Carroll Inc. securities there were no other transactions involving trading securities in 20Y4. In addition, assume that the fair value of the portfolio of trading securities on December 31, 20Y4, is $79,230. 20Y4, Dec. 31 fill in the blank eccc8503701f017_2 fill in the blank eccc8503701f017_3 fill in the blank eccc8503701f017_5 fill in the blank eccc8503701f017_6 d. What amount should be reported for trading investments on the December 31, 20Y4, balance sheet? $fill in the blank 72999a009077fe9_1
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