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Problem 15-3A Recording, adjusting, and reporting long-term available-for-sale securities LO P3

[The following information applies to the questions displayed below.] Grass Security, which began operations in 2017, invests in long-term available-for-sale securities. Following is a series of transactions and events determining its long-term investment activity. 2017

Jan.		20		Purchased 2,900 shares of Johnson & Johnson at $22.40 per share plus a $430 commission.
Feb.		9		Purchased 3,100 shares of Sony at $48.10 per share plus a $415 commission.
June		12		Purchased 3,400 shares of Mattel at $28.90 per share plus a $385 commission.
Dec.		31		Per share fair values for stocks in the portfolio are Johnson & Johnson, $23.40; Mattel, $32.80; and Sony, $39.90.

2018

Apr.		15		Sold 2,900 shares of Johnson & Johnson at $25.40 per share less a $715 commission.
July		5		Sold 3,400 shares of Mattel at $25.80 per share less a $425 commission.
July		22		Purchased 2,500 shares of Sara Lee at $24.40 per share plus a $670 commission.
Aug.		19		Purchased 2,800 shares of Eastman Kodak at $18.90 per share plus a $388 commission.
Dec.		31		Per share fair values for stocks in the portfolio are: Kodak, $21.15; Sara Lee, $21.90; and Sony, $36.90.

2019

Feb.		27		Purchased 4,300 shares of Microsoft at $68.90 per share plus a $715 commission.
June		21		Sold 3,100 shares of Sony at $49.90 per share less a(n) $1,070 commission.
June		30		Purchased 3,300 shares of Black & Decker at $37.90 per share plus a $625 commission.
Aug.		3		Sold 2,500 shares of Sara Lee at $18.15 per share less a $625 commission.
Nov.		1		Sold 2,800 shares of Eastman Kodak at $24.65 per share less a(n) $815 commission.
Dec.		31		Per share fair values for stocks in the portfolio are: Black & Decker, $40.90; and Microsoft, $70.90.

Required: 1. Prepare journal entries to record these transactions and events and any year-end fair value adjustments to the portfolio of long-term available-for-sale securities.