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Peterson Corp provided the following information: 20X3 1/15 Purchased 5,000 shares of ABC stock at a price of $45 a share, plus a $5,000 brokerage
Peterson Corp provided the following information: 20X3 1/15 Purchased 5,000 shares of ABC stock at a price of $45 a share, plus a $5,000 brokerage commission. 3/31 Purchased 1,000 shares of XYZ stock at a price of $65 a share. 11/30 Sold 1,000 shares of ABC stock at $48 a share less a $220 brokerage fee. 12/31 ABC is trading at $46 a share reported net income of $16,000 and XYZ is trading at $63 a share reported net income of $36,000 20X4 4/1 Sold 500 share of XYZ at a price of $65 a share less a $150 brokerage fee 6/30 Received a $350 cash dividend from ABC 12/31 ABC is trading at $48 a share and reported a net loss of $3,000 and XYZ is trading at $63 a share and reported net income of $23,000 Assuming Peterson Corp, classifies the ABC and XYZ stock as Available-for-Sale securities. What is the adjusting journal entry to the market adjustment account on 12/31/X3
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