Reference no: EM132524849
Question - Schmidt Company has portfolio of equity investment by buying common share and preference share from other companies. Record showed that on Dec 31, 2018 Schmidt has trading investment on: Alpha Company 2,000 ordinary share $ 50 par; Beta Company 2,500 ordinary share $ 60 par value, and Gamma Company 1,000 ordinary share with $75 par value. These portfolio have fair value of $80,000; 175,000; 62,000 for Alpha, Beta and Gamma Company. On 2019, Schmidt sold all his trading investment in Alpha Company at $48 per share plus $1,600 brokerage fee. Another transaction related with trading investment for 2019 was buying of 550 ordniary share at $80 each plus $1,700 brokerage fee. On Dec 31, 2019 the fair value of the trading investment are $ 175,000;$ 58,000 and $ 50,400 for Beta, Gamma and Delta Company.
Required -
a. How is the adjustment journal for 2018?
b. How is the journal for selling of Alpha share?
c. How is the journal for buying Delta share?
d. How is the adjustment journal for 2019?
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