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Problem - Fair value journal entries, trading investments
The investments of Giving Tree, Inc., include a single investment: 9,000 shares of Cardio Solutions, Inc. common stock purchased on March 3, 2012, for $22 per share including brokerage commission. These shares were classified as trading securities. As of the December 31, 2012, balance sheet date, the share price increased to $29 per share.
Required -
a. Journalize the entries to acquire the investment on March 3, and record the adjustment to fair value on December 31, 2012.
b. Journalize the entries to acquire the investment on March 3, and record the adjustment to fair value on December 31, 2012.
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