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(TCO B) The following information pertains to Fox Inc.s portfolio of marketable securities for the Year ended Dec 31, Year 1 and Dec 31, Year

(TCO B) The following information pertains to Fox Inc.s portfolio of marketable securities for the Year ended Dec 31, Year 1 and Dec 31, Year 2.

Cost

Fair Value at 12/31 Year 1

Year 2 Activity: Purchases

Year 2 Activity: Sales

Fair Value at 12/31 Year 2

Trading Securities

Smith Co.

$230,000

$240,000

$235,000

Jones Co

$290,000

$275,000

$285,000

Available for Sale Securities

Williamss Co.

$270,000

$245,000

$255,000

N/A

Gores Co.

$250,000

$235,000

$265,000

Held to Maturity Securities

Martin Co.

1,400,000

$1,250,000

Note 1: Fox Inc. uses US GAAP Note 2: Fox Inc. uses valuation accounts to record changes in the fair value of its marketable securities Note 3: The Martin Co. security was purchase at par value Note 4: The decline in the value of Martin Co. is considered to be other than temporary Requirement: Record the journal entries for the following marketable securities transactions based on the information given in the table.

  1. Mark to market journal entry for the Smith Co security at 12/31 Year 1
  2. Mark to market journal entry for the Jones Co security at 12/31 Year 1
  3. Mark to market journal entry for the Williams Co security at 12/31 Year 1
  4. Mark to market journal entry for the Gores Co security at 12/31 Year 1
  5. Mark to market journal entry for the Smith Co security at 12/31 Year 2
  6. Mark to market journal entry for the Jones Co security at 12/31 Year 2
  7. Mark to market journal entry for the Williams Co security at 12/31 Year 2
  8. Mark to market journal entry for the Gores Co security at 12/31 Year 2
  9. Journal entry to record purchase of Martin Co. Investment
  10. Journal entry to record the impairment of Martin Co. Investment

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