Problem 17-6

Swifty Company has the following portfolio of investment securities at September 30, 2017, its last reporting date.

Trading Securities		Cost		Fair Value
Horton, Inc. common (5,000 shares)		$215,000		$199,880
Monty, Inc. preferred (3,170 shares)		120,460		127,850
Oakwood Corp. common (950 shares)		154,850		153,760

On October 10, 2017, the Horton shares were sold at a price of $54 per share. In addition, 2,960 shares of Patriot common stock were acquired at $56 per share on November 2, 2017. The December 31, 2017, fair values were Monty $92,360, Patriot $132,400, and the Oakwood $166,550. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2017.