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Sheffield Company has the following portfolio of investment securities at September 30, 2017, its last reporting date. On October 10, 2017, the Horton shares were
Sheffield Company has the following portfolio of investment securities at September 30, 2017, its last reporting date.
On October 10, 2017, the Horton shares were sold at a price of $55 per share. In addition, 2,840 shares of Patriot common stock were acquired at $56 per share on November 2, 2017. The December 31, 2017, fair values were Monty $95,720, Patriot $129,930, and the Oakwood $196,230. Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2017.
Trading Securities Fair Value $207,680$192,760 131,880 182,500 Cost Horton, Inc. common (4,720 shares) Monty, Inc. preferred (3,210 shares) Oakwood Corp. common (1,080 shares) 125,190 183,600Step by Step Solution
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