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Prepare journal entries to record the sale of the bilby corp

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Reference no: EM132475111

FV-NI Equity Investments

On December 31, 2016, Monty Corp. provided you with the following pre adjustment information regarding its portfolio of investments held for short-term profit taking.

December 31,2016

investments                                             carrying amount                        fair value

Moonstar corp. shares                            $20000                                    $18600

BIBLY corp . shares                              10000                                           8800

Radius ltd. shares                                  19600                                          20200

Total portfolio                                        $49600                                        $47600

Point 1: During 2017, the Bilby Corp. shares were sold for $9,500 and Springs Ltd. shares were purchased for $9,000 plus 1% commission. The fair values on December 31, 2017 were as follows: Moonstar Corp. shares $19,700, Radius Ltd. shares $21,000 and Springs Ltd. shares $8,600. Dividends and other investment income and losses are all reported in one investment income account.

Required:

Question a) Prepare the adjusting journal entry needed at December 31, 2016

Question b) Prepare the journal entries to record the sale of the Bilby Corp. shares and purchase of Springs Ltd. shares during 2017.

Question c) Prepare the adjusting journal entries needed on December 31, 2017

Reference no: EM132475111

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