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show with steps During 2018, Benton Financial Corporation had the following held for trading investment transactions: Mar. Feb. 1 Purchased 540 CBF common shares for
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During 2018, Benton Financial Corporation had the following held for trading investment transactions: Mar. Feb. 1 Purchased 540 CBF common shares for $31,320. 1 Purchased 820 RSD common shares for $22,960. Apr. 1 Purchased 7% MRT bonds at face value, for $61,000. Interest is received semi-annually on April 1 and October 1. July 1 Received a cash dividend of $3 per share on the CBF common shares. Aug. 1 Sold 190 CBF common shares at $56 per share. Sept. 1 Received a cash dividend of $1.60 per share on the RSD common shares. Oct. 1 Received the semi-annual interest on the MRT bonds. 1 Sold the MRT bonds for $63,100. Dec. 31 The market prices of the CBF and RSD common shares were $53 and $29 per share, respectively. Benton had the following held for trading investment transactions in 2019: Mar. 1 Sold 350 CBF common shares for $19,950. June 1 Purchased 1,900 KEF common shares for $26,600. Sept. 1 Received a cash dividend of $1.60 per share on the RSD common shares. 1 Sold 410 RSD common shares for $12,300. Dec. 31 The market prices of the RSD and KEF common shares were $32 and $11 per share, respectively. Oct. Record the above 2019 transactions including any required adjusting entries, continuing the use of the fair value through profit or loss model. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record entries in the order presented in the question.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Show how the investments would be presented on the statement of financial position at December 31, 2019. BENTON FINANCIAL CORPORATION Statement of Financial Position (Partial) Determine the balance in each of the income statement accounts that are affected in the transactions above and indicate how they would be presented on the income statement for the year ended December 31, 2019. (Enter loss using either a negative sign preceding the number e.g.-2,945 or parentheses e.g. (2,945).) BENTON FINANCIAL CORPORATION Income Statement (Partial) $ Step by Step Solution
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