Assuming the securities are classified as trading

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Reference no: EM13753275

The following information is available for Quigley Company at December 31, 2014, regarding its investments. Securities Cost Fair Value 500 shares of Runner Corporation common stock $ 25,000 $ 40,000 7,000 shares of Sher-tor Corporation preferred stock 650,000 620,000 $675,000 $660,000 The company did not have any investments prior to 2014.

Instructions (a) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as trading.

(b) Prepare the adjusting entry (if any) for 2014, assuming the securities are classified as available-for sale.

Reference no: EM13753275

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