Reference no: EM132713240
Question - At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows:
Security Shares Unit Cost Unit Market Value Dec 31
Costco Preferred stock 5%, $25 800 $125 $135
Kmart Common stock $10 par 300 25 20
The fiscal year ends December 31, and these securities were all purchased during the Year 2012.
1) Prepare the journal entry to record the acquisition of these investments on January 1.
2) Prepare the journal entry to record receipt of Cosco annual preferred cash dividends Oct 31.
3) Prepare any necessary entries at year end December 31?
4) On January 30 of the following year Kmart stock was trading at $15 per share and Investor decided to sell 200 Kmart shares.
5) On January 30 of the following year Costco preferred shares were trading at $140 per share and investor is holding on to these for now and instruct to update the accounts?
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