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In its first year of operations, DeMarco Company had the following selected transactions in stock investments that are considered trading securities.
June 1 Purchased for cash 600 shares of Sanburg common stock at $24 per share, plus $300 brokerage fees.July 1 Purchased for cash 800 shares of Cey common stock at $33 per share, plus $600 brokerage fees.Sept. 1 Received a $1 per share cash dividend from Cey Corporation.Nov. 1 Sold 200 shares of Sanburg common stock for cash at $27 per share, less $150 brokerage fees.Dec. 15 Received a $0.50 per share cash dividend on Sanburg common stock.At December 31, the fair values per share were: Sanburg $25 and Cey $30.
Instructions
(a) Journalize the transactions.
(b) Prepare the adjusting entry at December 31 to report the securities at fair value.
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