Reference no: EM132767041
At December 31, 2018, Harrity Corp. had the following portfolio of investments:
ABC Inc., 10,000 shares, accounted for as FV-NI $195,000
XYZ Corp., 6,000 shares, accounted for as FV-OCI 84,000
In addition, there is a credit balance in Accumulated Other Comprehensive Income amounting to $16,000 relating to the XYZ Corp. shares.
During 2019 the following transactions took place:
March 18, 2019 Purchased 6,000 shares of DEF Limited for $10.50 per share plus $2,500 in transaction costs. The investment has been designated as FV-NI.
June 30, 2019 Purchased 8,000 shares of GHI Corp. for $16.00 per share plus $4,000 in transaction costs. The investment has been designated FV-OCI.
Sept. 15, 2019 Sold the shares of XYZ Corp. for $16.00 per share.
Dec. 31, 2019 The investments on hand had the following fair values
ABC Inc. $17.25 per share
DEF Inc. 12.00 per share
GHI Corp. 22.00 per share
REQUIRED
Problem 1: Prepare the journal entries to account for the investment activity of Harrity Corp. in 2019
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