Use the following information for the following questions: 20X3 1/15 Purchased 6,000 shares of Apple stock at a price of $60 a share, plus a $3,000 brokerage commission. 3/31 Purchased 2,000 shares of Google stock at a price of $20 a share. 11/30 Sold 4,000 shares of Apple stock at $62 a share less a $750 brokerage fee. 12/31 Apple is trading at $63 a share and Google is trading at $16 a share 20X4 4/1 Sold 1,000 share of Google at a price of $16 a share less a $500 brokerage fee 6/30 Received a $1,000 cash dividend from Apple 12/31 Apple is trading at $65 a share and Google is trading at $16 a share Trading Securities 20x3 Journal Entries 15-lan Historical Price per shara a. 31- Mar 30-Nov 2003 31-Dec Apple Google Market Adjustment 20x3 BB 0 Market Value Hist. Cast 2014 1 Apr b. 30-lur 20004 31-Dec Apple Google Market Adjustment 2014 BB Market value Hist. Cast Investment in Trading Securities 20% 9. 0 Impact N 20X3 e By's Bal. 12/31/X3 20X4 1-Apr b. 30-Jun 20X4 31-Dec c. Apple Google Market Adjustment 20X4 BB Market Value Hist. Cost Investment in Trading Securities 203 BB. 0 Impact Nl 20X3 e. B/S Bal. 12/31/X3 Investment in Trading Securities 20X4 B/S Bal. 12/31/X4 a. What is the amount recorded for Investment in Trading Securities on 1/15/20X3? b. What is the market adjustment account balance on 12/31/X3? C. What is the adjusting journal entry to the market adjustment account on 12/31/X4? d. What is the reported value of the trading securities on the balance sheet on 12/31/X4? e. Based on the above transactions, what is the impact on Net income during 20X3? Use the following information for the following questions: 20X3 1/15 Purchased 6,000 shares of Apple stock at a price of $60 a share, plus a $3,000 brokerage commission. 3/31 Purchased 2,000 shares of Google stock at a price of $20 a share. 11/30 Sold 4,000 shares of Apple stock at $62 a share less a $750 brokerage fee. 12/31 Apple is trading at $63 a share and Google is trading at $16 a share 20X4 4/1 Sold 1,000 share of Google at a price of $16 a share less a $500 brokerage fee 6/30 Received a $1,000 cash dividend from Apple 12/31 Apple is trading at $65 a share and Google is trading at $16 a share Trading Securities 20x3 Journal Entries 15-lan Historical Price per shara a. 31- Mar 30-Nov 2003 31-Dec Apple Google Market Adjustment 20x3 BB 0 Market Value Hist. Cast 2014 1 Apr b. 30-lur 20004 31-Dec Apple Google Market Adjustment 2014 BB Market value Hist. Cast Investment in Trading Securities 20% 9. 0 Impact N 20X3 e By's Bal. 12/31/X3 20X4 1-Apr b. 30-Jun 20X4 31-Dec c. Apple Google Market Adjustment 20X4 BB Market Value Hist. Cost Investment in Trading Securities 203 BB. 0 Impact Nl 20X3 e. B/S Bal. 12/31/X3 Investment in Trading Securities 20X4 B/S Bal. 12/31/X4 a. What is the amount recorded for Investment in Trading Securities on 1/15/20X3? b. What is the market adjustment account balance on 12/31/X3? C. What is the adjusting journal entry to the market adjustment account on 12/31/X4? d. What is the reported value of the trading securities on the balance sheet on 12/31/X4? e. Based on the above transactions, what is the impact on Net income during 20X3
