Question
Sarasota Corp. invested its excess cash in securities during 2017. As of December 31, 2017, the securities portfolio consisted of the following common stocks. Security
Sarasota Corp. invested its excess cash in securities during 2017. As of December 31, 2017, the securities portfolio consisted of the following common stocks.
Security | Quantity | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lindsay Jones, Inc. | 1,100 shares | $15,100 | $21,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Poley Corp. | 1,900 shares | 40,100 | 42,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arnold Aircraft | 1,900 shares | 71,800 | 59,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $127,000 | $123,200What should be reported on Sarasotas December 31, 2017, balance sheet relative to these securities? What should be reported on Fernandezs 2017 income statement On December 31, 2018, Sarasotas securities portfolio consisted of the following common stocks.
During the year 2018, Sarasota Corp. sold 1,900 shares of Poley Corp. for $38,300 and purchased 1,900 more shares of Lindsay Jones, Inc. and 1,100 shares of Duff Company. What should be reported on Sarasotas December 31, 2018, balance sheet? What should be reported on Sarasotas 2018 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On December 31, 2019, Sarasotas securities portfolio consisted of the following common stocks.
During the year 2019, Sarasota Corp. sold 3,000 shares of Lindsay Jones, Inc. for $39,600 and 550 shares of Duff Company at a loss of $2,700. What should be reported on the face of Sarasotas December 31, 2019, balance sheet? What should be reported on Sarasotas 2019 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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