Reference no: EM132068039
Question - Raiders Co. engaged in the following investment transactions during 2012:
Feb 17: Purchased 500 shares of Med Co's common stock for $20 per share plus a brokerage fee of $100. These shares are classified as trading securities.
April 1: Bought 30000 of the 100000 outstanding shares of Mets Co. for $300,000
June 25: Received a $1.20 per share dividend on Med. Co. stock.
June 30: Received a 0.10 per share dividend on Mets Co. stock.
Oct 1: Purchased 2000 shared of Jets Co. for $15 per share plus a brokerage fee of $400. These shared are classified as available for sale.
Dec 31: Med Co. shares are selling for $25, Jets stock are selling for $12 and Mets. Co. stock are selling for $14. Med Co. reported $80,000 net income, Mets Co. reported net income of $100,000 and Jets reported net income of $90,000
Required: Prepare the appropriate journal entries to record the transactions for the year including year-end adjustments. You must show your calculations to receive credit.
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