On december 21 2012 zurich company provided you with the

Assignment Help Financial Accounting

Reference no: EM13376712

On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.

December 31, 2012
Investments (Trading)	Cost	Fair Value	Unrealized Gain (Loss)
Stargate Corp. stock	$20,320	$19,320	$(1,000	)
Carolina Co. stock	10,940	9,940	(1,000	)
Vectorman Co. stock	20,320	21,010	690
Total of portfolio	$51,580	$50,270	(1,310	)
Previous fair value adjustment balance			0
Fair value adjustment-Cr.			$(1,310	)

During 2013, Carolina Company stock was sold for $10,490. The fair value of the stock on December 31, 2013, was: Stargate Corp. stock-$19,600; Vectorman Co. stock-$20,830.

(a) Prepare the adjusting journal entry needed on December 31, 2012.

(b) Prepare the journal entry to record the sale of the Carolina Company stock during 2013.

Reference no: EM13376712

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