Mire Corporation had the following transactions involving investments in non-influential securities during the year.Prior to these transactions,Mire had never had any investments in securities.Prepare the required general journal entries to record these transactions.
Feb.16 Purchased 800 shares of HM Corporation stock at $28 per share plus a $400 brokerage fee.
Feb.26 Purchased 500 shares of Sugarland Co.stock at $19 per share plus a $300 brokerage fee.
Mar.2 Received a $0.95 per share dividend from the HM Corporation.
Mar.28 Sold 200 shares of HM Corporation stock for $31 per share less a $150 brokerage fee.
Apr.20 Sold 150 shares of Sugarland Co.stock at $17 per share less a $100 brokerage fee.
Apr.30 The company is preparing quarterly financial statements; prepare an adjusting entry for the fair value adjustment on the trading securities.At April 30,the HM stock has a fair value of $30 per share,and the Sugarland stock has a fair value of $16 per share.
Correct Answer:
Verified
Q150: What is comprehensive income and how is
Q161: In its first year of operations,Largo Co.purchased
Q162: On October 31,Augustas Co.received cash dividends of
Q163: Barzetti had no investments prior to the
Q165: On May 1 of the current year,
Q166: Hubbard Company had the following trading securities
Q166: A company reported net income of $225,000,
Q168: Washington Corp.held 1,500 of Vashon Company common
Q175: A company had net income of $45,000,
Q177: A company paid $600,000 for 10% bonds
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents