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QUESTION 3 (30 POINTS) Insta Corp. invests in shares of other companies in 2015 for generating profit as shown below; Market Value Dec. 31 Security
QUESTION 3 (30 POINTS) Insta Corp. invests in shares of other companies in 2015 for generating profit as shown below; Market Value Dec. 31 Security Purchase Cost 2015 2016 Date sold Selling price date DT June 2015 48.000TL 54.000TL 60.800TL Feb. 2017 59.600TL EA June 2015 116.000TL 104.800TL 114.000TL March 2016 a. Classify each investment as trading or available for sale. DT: EA: b. Prepare the necessary journal entries for Insta Corp. (Hint: entries for purchase of securities, adjusting entries at Dec.31 2015 and 2016, entries for sale of securities)
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