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Western Capital Inc.is a regional investment company that began operations on January 1, 2010.The following transactions relate to trading securities acquired by Western Capital Inc.,
Western Capital Inc.is a regional investment company that began operations on January 1, 2010.The following transactions relate to trading securities acquired by Western Capital Inc., which has a fiscal year ending on December 31: 2010 Feb. 3. Purchased 2,500shares of Titan Inc. as a trading security at $35 per share plus a brokerage commission of $500. Mar. 12. Purchased 1,200shares of Quick Tyme Inc. as a trading security at $14 per share plus a brokerage commission of $240. May15. Sold 600shares of Titan Inc.for $36 per share less a $80brokerage commission. June 12. Received an annual dividend of $0.12per share on Titan Inc. stock. Dec. 31. The portfolio of trading securities was adjusted to fair values of $15 and $39 per share for Quick Tyme Inc.and Titan Inc.,respectively. 2011 Apr. 9. Purchased 1,100shares of Aspire Inc. as a trading security at $41per share plus a $165 brokerage commission. June 15. Received an annual dividend of $0.15 per share on Titan Inc. stock. Aug. 20. Sold 200shares of Aspire Inc.for $35 per share less a $60brokerage commission. Dec. 31. The portfolio of trading securities was adjusted to fair value using the fol- lowing fair values per share for the trading securities: Aspire Inc. $31 Quick Tyme Inc. 16 Titan Inc. 37 The portfolio of trading securities was adjusted to fair value. Instructions 1. Journalize the entries to record these transactions
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