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In February 2014, ABC Inc.invested excess cash in shares of PLZ Corporation, a publicly traded company with over 1,000,000 shares outstanding. ABC Inc. bought 2,700 shares at $11.65 per share. The shares were bought on speculation that they would increase in value, as analyst valuations for the next 12 months were that the shares would trade in the $31 to $36 range. Brokerage costs were $0.05 per share plus a flat fee of $29.00. The closing price of the shares and the dividends per share are as follows for the quarter-ends:
The following are the balances from the Trial Balance of ABC Inc.
Debit
Credit
Investment in PLZ shares (at FVPL)
84,240.00
Gain (loss) on investment in PLZ shares
52,785.00
Investment transaction costs
164.00
Required
Prepare the required adjusting entries for 2014 and complete the following table:
Date
Number of shares
Closing value on stock exchange
Dividend / share
Fair value
Dividend income
Gain or Loss through P&L
February 17, 20X4
Purchase
2,700
$11.65
March 31, 20X4
$16.20
$0.24
June 30, 20X4
$22.75
$0.25
September 30, 20X4
$31.20
$0.26
December 31, 20X4
$29.85
$0.00
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