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Monty Corporation made the following cash purchases of securities during 2 0 2 0 , which is the first year in which Monty invested in
Monty Corporation made the following cash purchases of securities during which is the first year in which Monty invested in
securities
On January purchased shares of Sanchez Company's common stock at $ per share plus commission $
On April purchased shares of Vicario Cos common stock at $ per share plus commission $
On September purchased shares of WTA Cos preferred stock at $ per share plus commission $
On May Monty sold shares of Sanchez Company's common stock at a market price of $ per share less brokerage
commissions, taxes, and fees of $ The yearend fair values per share were Sanchez $ Vicario $ and WTA $ In addition,
the chief accountant of Monty told you that the corporation plans to hold these securities for the longterm but may sell them in order
to earn profits from appreciation in prices. The equity method of accounting is not appropriate for these stock purchases.
Prepare the journal entry for the security sale on May Round answers to decimal places, eg Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and
enter for the amounts.
Date
Account Titles and Explanation
May
Cash
Equity Investments
Debit
Credit
Credit
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