ORTAILU BLY .CO . Body LUS Weygandt, Financial Accounting, 10e RCES 2019 Problem H-5 (Part Level Submission) Here is Sunland Company's portfolio of long-term stock investments at December 31, 2015, the end of its first year of operations Cost 1,390 shares of Batone Inc. common stock $75,477 1,200 shares of Mendez Corporation common stock 76.800 850 shares of P. Tilman Corporation preferred stock 36.900 On December 31, the total cost of the portfolio equaled the total fair valve Surland had the following transactions related to the securities during 2019. Jan. 20 Sold 1,390 shares of Batane Inc. common stock at $57 per share. 28 Purchased 410 shares of $10 par value common stack of P. Wahl Corporation $84 per share 30 Received a cash dividend of $1.34 per share on Mender Corporation common stock Feb. 8 Received cash dividends of $0.40 per share on P. Taman Corporation preferred stock 18 Sold 360 Whares of P. Tilman preferred stock 36 per share. July 30 Received a cash dividend of $1.00 per share on Mendez Corporation common stock Sept. 6 Purchased an additional 570 shares of the $10 par value common stock of p, Wahl Corporation a s per share. Dec. 1 Received a cash dividend of $1.50 per share on P, Wahl Corporation common stock At December 31, 2019, the fair values of the securities were Mendea Corporation common stock 859 per Share P. Wahl Corporation common stock $5) per share Sunland uses separate account tres for each investment, such as Investment in Mender Corporation Common Stock Your answer is correct Prepare journal entries to record the transactions. (Cred Date Jan. 20 Debit Account Titles and Explanation Cash Stock Investments Gain on sale of stock vestments Stock Investments MacBook Pro soFIGH N Weygandt, Financial Accounting, 10e Date Account Titles and Explanation an. 200 Cash Stock Investments Gain on Sale of Stock Investments Los on sale of Stock Investments WLING ACCOUNTS SHOW SOLUTIONS Weygandt, Financial Accounting, 10e CALCULATOR STANDARD VIEW Dividend Revenue Sept. 6 Stock Investments I Cash Dec. 1 Cash Dividend Revenue SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 4 of us (b) Prepare the adjusting entry at December 31, 2019, to report the portfolio at fair value. (Credit account titles are automatically indented when the amount infered. Do not inden Date Account Titles and Explanation Debit Credit Dec.31 Ured Gain or loss Equity Fair Value Adjustment-Available for sale SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempt of sused SAVE PO (0) The parts of the question must be completed in order. This artw available when you com e the art above
