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Kirkland Company had no trading debt secures prior to this year it had the following transactions this year involving trading debt securities Aug 2 Purchased
Kirkland Company had no trading debt secures prior to this year it had the following transactions this year involving trading debt securities Aug 2 Purchased version bonds for 53, Sept. 7 Purchased Apple bonds for 350, 12 Purchased Mastercard bords for $44. Oct 21 Sold some of its verron bonds that had cost $3.200 to $3,30 ta 23 Sold one of its Apple bonds that a cost $39.00 for $9.400 Nov 1 Purchased walmart bonds for $64.88 Dec. 10 Sold all of its Mastercard bonds for $42.00 cash Required 1. Prepare journal entries to record these transactions 2. Prepare a table to compare the year-end cost and fair values of its trading debt securities Year-end fair values: Verizon, $32,500; Apple. $34000, and Walmart 551000 3. Prepare the adjusting entry to record the year-end fair value adjustment for the portfolio of trading debt securities
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