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Question 4 (10 Points): B1, C1, D3 KFH Company has the following portfolio of securities on September 30, 2019, its last reporting date. Trading Securities
Question 4 (10 Points): B1, C1, D3 KFH Company has the following portfolio of securities on September 30, 2019, its last reporting date. Trading Securities A Co. ordinary (1,000 shares) C Co. ordinary (1,500 shares) D Corp. ordinary (2,000 shares) Cost $ 300,000 160,000 90,000 Fair Value $ 150,000 120,000 100,000 On Oct. 10, 2019, the A Co. shares were sold at a price of $20 per share. In addition, 2,000 shares of (F) Co. ordinary stock were acquired at $30 per share on Nov. 2, 2019. The Dec. 31, 2019, fair values were: F $150,000, C Co. $130,000, and D Co. common $80,000. Instructions: Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2019
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