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I have shown all available accounts for the journal entry questions!
On 1 November 20x8, Porter Company acquired the following FVTPL Investments: Minto Corp-3,500 common shares at $20 cash per share Pugwash Corp.-750 preferred shares at $30 cash per share The annual reporting period ends 31 December. Quoted fair values on 31 December 20X8 were as follows: Minto Corporation common, $18 Pugwash Corporation preferred, $33 The following information relates to 20x9: 2 March 1 October Received cash dividends per share as follows: Minto Corporation, $2.40; and Pugwash Corporation, $1.50. Sold 20 shares of Pugwash Corporation preferred at $36 per share. Fair values were as follows: Ninto common, $27, and Pugwash preferred, $32. 31 December Required: 1. Prepare the entry for Porter Company to record the purchase of the securities. (If no entry is required for a transaction/event. select "No Journal entry required" in the first account field.) Journal entry worksheet 1 Record the acquisition of investment. Note: Enter debits before credits. Date General Journal Debit Credit 1 Nov. 20X8 Record entry Clear entry View general journal Record the acquisition of investment. Note: Enter debits before credits. Date General Journal Debit Crec 1 Nov. 20X8 No journal entry required Cash Investment in Minto Co. shares Investment in Pugwash Co. shares Investment revenue: Dividends Record ei Investment revenue: Holding aain: Minto Co. shares Date General Journal Debit Cred v. 20X8 Investment revenue: Dividends Investment revenue: Holding gain: Minto Co. shares Investment revenue: Holding gain: Pugwash Co. shares Investment revenue: Holding loss: Minto Co. shares Investment revenue: Holding loss: Pugwash Co. shares Record el ng 2. Prepare the adjusting entries needed at the end of 20X8. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the holding loss/gain on Pugwash Co. Shares. Note: Enter debits before credits: General Journal Debit Credit Date 31 Dec. 20x8 Journal entry worksheet 1 Record the holding loss/gain on Minto Co. Shares. Note: Enter debits before credits. General Journal Debit Date 31 Dec. 20X8 debits before credits. General Journal Deb No journal entry required Cash Investment in Minto Co. shares Investment in Pugwash Co. shares Investment revenue: Dividends rd el MA 1 2 Record the holding loss/gain on Minto Co. Shares. Note: Enter debits before credits. Date General Journal Debit C 31 Dec. 20X8 ATT Investment revenue: Dividends Investment revenue: Holding gain: Minto Co. shares Investment revenue: Holding gain: Pugwash Co. shares Investment revenue: Holding loss: Minto Co. shares Investment revenue: Holding loss: Pugwash Co. shares Record ei general ja 3. Show the amount that would be reported in 20X8 earnings and the asset amounts on the statement of financial position Earnings, 20x8 Statement of financial position, 31 December 20XB: FVTPL investments, at fair value 4. Prepare the all entries required in 20x9, (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Tirst accuUIL HIU View transaction list Journal entry worksheet
