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Carlsville Company, which began operations in 2013, invests its idle cash in trading securities. The following transactions are from its short term investments in its trading securities. 2013 Jan. 20 Purchased 800 shares of Ford Motor Co. at $ 26 per share plus a $ 125 commission.
Feb. 9 Purchased 2,200 shares of Lucent at $ 44.25 per share plus a $ 578 commission. Oct. 12 Purchased 750 shares of Z Seven at $ 7.50 per share plus a $ 200 commission. 2014 Apr. 15 Sold 800 shares of Ford Motor Co. at $ 29 per share less a $ 285 commission. July 5 Sold 750 shares of Z Seven at $ 10.25 per share less a $ 102.50 commission. July 22 Purchased 1,600 shares of Hunt Corp. at $ 30 per share plus a $ 444 commission. Aug. 19 Purchased 1,800 shares of Donna Karan at $ 18.25 per share plus a $ 290 commission. 2015 Feb. 27 Purchased 3,400 shares of HCA at $ 34 per share plus a $ 420 commission. Mar. 3 Sold 1,600 shares of Hunt at $ 25 per share less a $ 250 commission. June 21 Sold 2,200 shares of Lucent at $ 42 per share less a $ 420 commission. June 30 Purchased 1,200 shares of Black & Decker at $ 47.50 per share plus a $ 595 commission.Nov. 1 Sold 1,800 shares of Donna Karan at $ 18.25 per share less a $ 309 commission. Required:
1. Prepare journal entries to record these short term investment activities for the years shown. (Ignore any year end adjusting entries.) 2. On December 31, 2015, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities when HCA's share price is $ 36 and Black & Decker's share price is $ 43.50. (Assume the Fair Value Adjustmentâ€"Trading account had an unadjusted balance of zero.)
isbn 978-0-07-352694-2the question is 20-38 on page 920-921ramon martinez is the general manager of classic inn a
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