Trading Securities Homework Problem

Dr$.$ Brenner Inc. provided you with the following information regarding investments in trading securities:

$30-$Nov$-23$

Fair

Investment $($Company name$)$

$\backslash$table$[[$Investment $($Company name$)],[$Shirley Semolina,$2000,$$$,120,000,$$$,114,000],[$Lauren$\text{'}$s Lasagna,$1000,$$$,70,000,$$$,69,000],[$Claribel Capellini,$1500,$$$,121,500,$$$,126,000],[$Robbie Rigatoni,$2000,$$$,76,000,$$$,80,000],[,,$$$,387,500,$$$,389,000]]$

During December the following transactions occurred:

$\backslash$table$[[9-$Dec,$500,$shrs of Shirley Semolina were sold for,$$,27,500],[16-$Dec,$800,$shrs of Lauren's Lasagna were sold for,$$,61,600],[20-$Dec,$400,$shrs$.$ of Victoria's Sono Buoni were acquired for,$$,11,300],[31-$Dec,$2000,$shrs of Robbie Rigatoni were sold for,$$,65,000]]$

On December $31,2023,$ the following securities remained in the Dr$.$ Brenner's trading portfolio:

portfolio:

$\backslash$table$[[$Investment $($Company name$),,$$$],[$Shirley Semolina,$16,500,],[$Lauren$\text{'}$s Lasagna,$124,500,],[$Claribel Capellini,$11,600,],[$Victoria$\text{'}$s Sono Buoni,$238,400,]]$

Instructions: Prepare:

a the adjusting journal entry required on November $30,2023$

Assume $$5,200$ credit balance in the securities fair value adjustment account prior to adjustment

b the journal entries to record the December purchase & sale transactions

c the adjusting journal entry required on December $31,2023$