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Question 4 (20 min, 15 points) At December 31, 2017, Weston Manufacturing Co. owned the following investments in capital stock of publicly traded companies Current

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Question 4 (20 min, 15 points) At December 31, 2017, Weston Manufacturing Co. owned the following investments in capital stock of publicly traded companies Current Cost Market Value $85,000 $100,000 Foodocker, Inc. 6.000 shares: cost, $17 per share, market value, $20 per share The Cap, Inc. (4,000 shares: cost $17 per share market value. $15 per share 68,000 60,000 $153,000 $160,000 In 2018, Weston engaged in the following two transactions: Apr 10 Sold 1,000 shares of its investment in Footlocker, Inc., at a price of $21 per share, net of brokerage commission of $50. Sold 2,000 shares of its investment in The Gap, Inc. at a price of $14 per share, net of brokerage commission of $60. At December 31, 2018, the market values of these stocks were Footlocker, Inc. $18 per share, and The Gap, Inc., $16 per share Instructions a Compute the unrealized yain loss at the end of December 31, 2017. b. Prepare journal entries to record the transactions on April 10 and August 7. b. Prepare a table showing the cost and market values of securities owned at the end of 2018 (Use the same format as the table illustrated above)

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