Question : 96. Skyline, Inc. purchased a portfolio of trading securities during 2010. : 1246625

 

96. Skyline, Inc. purchased a portfolio of trading securities during 2010.  The cost and fair value of this portfolio on December 31, 2010, was as follows:

Name

Number of Shares

Total Cost

Total Fair Value

Alcon, Inc.

1,200

$16,000

$15,000

Easton Company

700

23,000

21,500

Panther Company

300

9,000

9,200

Total

 

$48,000

$45,700

 

 

 

 

On April 3, 2011, Skyline, Inc. purchased 500 shares of Christen, Inc. at $30 per share plus a $100 brokerage fee.  On December 31, 2011, the trading security portfolio had the following cost and fair value:

Name

Number of Shares

Total Cost

Total Fair Value

Alcon, Inc.

1,200

$16,000

$16,400

Christen, Inc.

500

15,100

17,500

Easton Company

700

23,000

22,000

Panther Company

300

9,000

12,400

Total

 

$63,100

68,300

 

 

 

 

Required:Provide the journal entries to record the following:(1)  The adjustment of the trading security portfolio to fair value on December 31, 2010.(2)  The April 3, 2011 purchase of Christen, Inc. stock.(3)  The adjustment of the trading securities portfolio to fair value on December 31, 2011. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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