Stock Investment Transactions, Trading Securities Zeus Investments Inc is a regional investment company that began operations on January 1, Year 1 The following transactions relate to trading securities acquired by Zeus Investments Inc , which has a fiscal year ending on December 31 Year 1 Feb 14 Purchased 1,800 shares of Apollo Inc as a trading security at $27 per share plus a brokerage commission of $360 Apr 1 Purchased 900 shares of Ares Inc as a trading security at $11 per share plus a brokerage commission of $180 June 1 Sold 400 shares of Apollo Inc for $28 per share less an $50 brokerage commission June 27 Received an annual dividend of $0 11 per share on Apollo Inc stock Dec 31 The portfolio of trading securities was adjusted to fair values of $31 and $12 per share for Apollo Inc and Ares Inc , respectively Year 2 Mar 14 Purchased 800 shares of Athena Inc as a trading security at $32 per share plus a $120 brokerage commission June 26 Received an annual dividend of $0 14 per share on Apollo Inc stock July 30 Sold 100 shares of Athena Inc for $26 per share less a $30 brokerage commission Dec 31 The portfolio of trading securities had a cost of $70,665 and a fair value of $67,700, requiring a credit balance in Valuation Allowance for Trading Investments of $2,965 ($70,665 $67,700) Thus, the debit balance from December 31, Year 1 is to be adjusted to the new balance Required 1 Journalize the entries to record these transactions For a compound transaction, if an amount box does not require an entry, leave it blank In your computations, round per share amounts to two decimal places When required, round final answers to the nearest dollar Date Description Debit Credit Year 2 Year 1 Feb 14 Investments Apollo Inc 25,720 48,960 Mar 14 Investments Athena Inc Cash V 48,960 Cash V 25,720 Apr 1 Investments Ares Inc 10,080 Cash June 26 Cash V 112 X 10,080 Dividend Revenue V 112 X June 1 Cash 11,150 Gain on Sale of Investments 270 Investments Apollo Inc V 10,880 2,570 July 30 Cash V Loss on Sale of Investments V 645 June 27 Cash V 154 Investments Athena Inc V 3,215 Dividend Revenue V 154 Dec 31 Valuation Allowance for Trading Investments V Dec 31 Unrealized Loss on Trading Investments V Unrealized Gain on Trading Investments V Valuation Allowance for Trading Investments V 2 Prepare the investment related current asset balance sheet presentation for Zeus Investments Inc on December 31, Year 2 Zeus Investments Inc Balance Sheet (selected items) December 31, Year 2 Current Assets Trading Investments (at Cost) Less Valuation Allowance For Trading Investments Trading Investments (at Fair Value)

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Stock Investment Transactions, Trading Securities Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate

Stock Investment Transactions, Trading Securities

Zeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31:

Year 1
Feb. 14.	Purchased 1,800 shares of Apollo Inc. as a trading security at $27 per share plus a brokerage commission of $360.
Apr. 1.	Purchased 900 shares of Ares Inc. as a trading security at $11 per share plus a brokerage commission of $180.
June 1.	Sold 400 shares of Apollo Inc. for $28 per share less an $50 brokerage commission.
June 27.	Received an annual dividend of $0.11 per share on Apollo Inc. stock.
Dec. 31.	The portfolio of trading securities was adjusted to fair values of $31 and $12 per share for Apollo Inc. and Ares Inc., respectively.
Year 2
Mar. 14.	Purchased 800 shares of Athena Inc. as a trading security at $32 per share plus a $120 brokerage commission.
June 26.	Received an annual dividend of $0.14 per share on Apollo Inc. stock.
July 30.	Sold 100 shares of Athena Inc. for $26 per share less a $30 brokerage commission.
Dec. 31.	The portfolio of trading securities had a cost of $70,665 and a fair value of $67,700, requiring a credit balance in Valuation Allowance for Trading Investments of $2,965 ($70,665 - $67,700). Thus, the debit balance from December 31, Year 1 is to be adjusted to the new balance.

Required:

1. Journalize the entries to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

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Date Description Debit Credit Year 2 Year 1 Feb. 14 Investments-Apollo Inc 25,720 48,960 Mar 14 Investments-Athena Inc Cash V 48,960 Cash V 25,720 Apr. 1. Investments-Ares Inc 10,080 Cash June 26 Cash V 112 X 10,080 Dividend Revenue V 112 X June 1 Cash 11,150 Gain on Sale of Investments 270 Investments-Apollo Inc. V 10,880 2,570 July 30 Cash V Loss on Sale of Investments V 645 June 27 Cash V 154 Investments-Athena Inc. V 3,215 Dividend Revenue V 154 Dec. 31 Valuation Allowance for Trading Investments V Dec. 31 Unrealized Loss on Trading Investments V Unrealized Gain on Trading Investments V Valuation Allowance for Trading Investments V 2. Prepare the investment-related current asset balance sheet presentation for Zeus Investments Inc. on December 31, Year 2. Zeus Investments Inc. Balance Sheet (selected items) December 31, Year 2 Current Assets: Trading Investments (at Cost) Less Valuation Allowance For Trading Investments Trading Investments (at Fair Value)