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Hiker company completes the following transactions

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Hiker Company completes the following transactions during the current year. 

May 9 Purchases 200 shares of Higo stock as a short  term investment in available for sale securities at a cost of $25 per share plus $150 in broker fees. 
June 2 Sells 100 shares of its investment in Higo stock at $ 28 per share. The broker's commission on this sale is $90. 
Dec. 31 The closing market price (fair value) of the Higo stock is $ 23 per share. 
Prepare the May 9 and June 2 journal entries and the December 31 adjusting entry. This is the first and only time the company purchased such securities.

Reference no: EM13896195

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