S Preview File Edit View Go Tools Window Help 2020 ACCT 209 (page 3 of 6)-Edled Q6. Q Search Huber Company has the following securities in its portfolio of temporary investments on December 31, 2018: 5,000 shares of Lest Co., Common 10,000 shares of Reap Co., Common $160,000 Book Value Market Value $139,000 185,000 $324.000 182,000 $342.000 All of the securities had been purchased in 2018. In 2019, Huber had the following transactions related to its securities: April 1-Bought 600 shares of Sow Co., Common @ $50 per share plus fees of $550. . Nov 1-Received a dividend of $2.50 per share from Lest Co. . Nov 30-Sold 5,000 Lest Co. shares for @ $26 per share less a commission of $1,500. The Huber Company portfolio of trading equity securities appeared as follows on December 31, 2019: 10,000 shares of Reap Co., Common 600 shares of Sow Co., Common Required: Market Value 198,500 25.500 $380,000 Part 1 Assuming Huber uses the FV-NI method, prepare the journal entries for Huber Company for: (a) the 2018 year-end adjusting entry, if any. (2 marks) (b) the 2019 transactions. (5 marks) (c) the 2019 year-end adjusting entry, if any. (3 marks) Part 2 Assume instead that Huber uses the Cost method, prepare the journal entries for Huber Company for: (a) the April 1, 2019 purchase of the Sow Co shares. (2 marks) ments