Reference no: EM13145757
McElroy Company has the following port- folio of investment securities at September 30, 2010, its last reporting date.
Trading Securities Cost Fair Value
Horton, Inc. common (5,000 shares) 215,000 200,000
Monty, Inc. preferred (3,500 shares)133,000 140,000
Oakwood Corp. common (1,000 shares)180,000 179,000
On October 10, 2010, the Horton shares were sold at a price of $54 per share. In addition, 3,000 shares of Patriot common stock were acquired at $54.50 per share on November 2, 2010. The December 31, 2010, fair values were: Monty $106,000, Patriot $132,000, and the Oakwood common $193,000. All the securi- ties are classified as trading.
Instructions
Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2010. How would the entries in part (a) change if the securities were classified as available-for-sale?
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