Kenseth Company purchased the following securities during 2009:
400 shares of Martin, Inc. stock for a total of $60,000 on July 7, 2009; total voting shares - 7,000 shares
5,000 shares of Wallace Corp. stock for a total of $180,000 on December 29, 2009; total voting shares - 22,000 shares
1,500 shares of Gordon, Inc. stock for a total of $73,500 on December 30, 2009; total voting shares - 240,000 shares
(pay attention to the sell date for these securities)
Value of shares on December 31, 2009:
Martin, Inc. - $61,600
Wallace Corp. - $175,000
Gordon, Inc. - $69,000
Total Net Income for 2009:
Martin, Inc. - $174,000
Wallace Corp. - $92,000
Gordon, Inc. - ($51,450)
Sold 1,500 shares of Gordon, Inc. for $45.00 a share on January 3, 2010
Bought 700 shares of Johnson, Inc. stock for $75.00 a share on April 1, 2010; total voting shares - 3,700 shares
Value of shares on December 31, 2010
Martin, Inc. - $58,000
Wallace Corp. - $175,000
Johnson, Inc. - $50,400
Total Net Income for 2010:
Martin, Inc. - ($11,000)
Wallace Corp - $77,000
Johnson, Inc. - $48,000
Record all the applicable general journal entries