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Sanford Company has the following securities in its portfolio of trading securities on December 31, 2018: Cost Fair Value Bonds of Red Ltd (at par)
Sanford Company has the following securities in its portfolio of trading securities on December 31, 2018: Cost Fair Value Bonds of Red Ltd (at par) $ 156,500 $ 170,300 10,000 shares of Green Ltd $ 66,500 $ 80,250 $ 222,000 $ 250,550 I All of the securities had been purchased in 2018. In 2019, Kramer completed the following securities transactions: April 1 Sold bonds of Red Ltd for $160,000 July 1 Bought 650 shares of Blue Ltd. @ $31 per share. The Sanford Company portfolio of trading securities appeared as follows on December 31, 2019: Cost Fair Value 10,000 shares of Green Ltd $ 70,500 $ 80,500 650 shares of Blue Ltd. $ 20,400 $ 21,600 $ 90,900 $ 102, 100 Instructions Prepare the journal entries for Sanford Company for: a) the 2018 adjusting entry b) the sale of the Red Ltd. Bonds c) the purchase of the Blue Ltd. Stock d) the 2019 adjusting entry
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