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On June 30, 2009, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share. The following information pertains to the price per share
On June 30, 2009, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share. The following information pertains to the price per share of Mitek stock: Price 12/31/2009 $ 24 12/31/2010 31 Required: Assume that MetroMedia management purchased the Mitek stock as trading securities. Prepare the journal entries required on each date given. (Omit the "$" sign in your response.) Date General Journal Debit Credit June 30, 2009 Dec. 31, 2009 Dec. 31, 2010
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