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Trading Securities Entries on December 21, 2010, Zurich Company provided

Trading Securities Entries on December 21, 2010, Zurich Company provided you with the following information regarding its

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Trading Securities Entries on December 21, 2010, Zurich Company provided you with the following information regarding its trading securities. During 2011, Carolina Company stock was sold for $9,500. The fair value of the stock on December 31, 2011, was: Star gate Corp. stock?$19,300; Vector man Co. stock?$20,500.

(a) Prepare the adjusting journal entry needed on December 31, 2010.

(b) Prepare the journal entry to record the sale of the Carolina Company stock during 2011.

Transcribed Image Text:

December 31, 2010 Investments (Trading) Fair Value Unrealized Gain (Loss) Cost Stargate Corp. stock Carolina Co. stock Vectorman Co. stock $(1,000) $20,000 $19,000 9,000 20,000 $50.000 20,600 600 Total of portfollo Previous securities fair value adjustment balance Securities fair value adjustment-Cr. (1,400) $48,600 -0- $(1,400)

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a December 31 2010 Unrealized Holding Gain or Loss x Income 1400 ...View the full answer

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Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

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Question Posted: Feb 18, 2011 12:26 AM

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