Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transactions for common stock and trading investments Zeus Investments Inc, is a regional freight company that began operations on January 1 , 20Y8. The following
Transactions for common stock and trading investments Zeus Investments Inc, is a regional freight company that began operations on January 1 , 20Y8. The following transactions relate to trading securities acquired by Zeus Inc., which has a fiscal year ending on December 31 : 20Y8 Feb. 14. Purchased 2,800 shares of Apollo Inc. common stock at $34 per share plus a brokerage commission of $560. Apollo Inc. has 125,760 shares of common stock outstanding. Apr. 1. Purchased securities of Ares Inc. as a trading investment for $18,460. June 1. Sold 700 shares of Apollo Inc. for $35 per share less a $90 brokerage commission. June 27. Received an annual dividend of $0.11 per share on 2,100 shares of Apollo Inc. stock. Oct. 15. Sold the remaining shares of Apollo Inc. for $33 per share less a $24 brokerage commission. Dec. 31. The trading securities of Ares Inc. have a fair value on December 31 of $21,460. 20Y9 Mar. 14. Purchased securities of Athena Inc. as a trading investment for $48,180. July 30. Sold securities of Athena Inc. that cost $8,030 for $6,740. Dec. 31. The fair values of the Ares Inc. and Athena Inc. securities are as follows: Required: 1. Journalize the entries to record the preceding transactions, including any December 31 adjusting entries. If an amount box does not require an entry, leave ic biank. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. 2. Prepare the Trading Investments section of the December 31,20Y9, balance sheet for Zeus Inc
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started