Reference no: EM131216007
Perry Investment bough 2,000 shares of Able, Inc. common stock on Jan1,2015 for $ 20,000 and 2,000 shares of Baker, Inc. common stock on July 1, 2015 for $ 24,000. Baker paid $ 2,400 for previously declared dividends to Perry on Dec 31,2015. At the end of 2015, the market value of the Able stock was $ 18,000 and the market value of the Baker stock was $ 28,000. The stocks were purchsed for short term speculation. Perry owns 10% of each company.
1. what is the entry to record the purchsae of Abel, Inc. common stock
2. how would Perry record the receipt of the Baker dividend
3. how would Perry record the year-end adjustment
4. if the securities purchased are calssified as available -for-sale securities, how should Perry record the year-end adjustment
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