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Prepare journal entries to record the transactions on April

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Question - At December 31, 2014, Westport Manufacturing Co. owned the following investments in the capital stock of publicly owned companies.

At December 31, 2015 the market values of these stocks were: Lamb Computer, $40 per share; Dry Foods, $7. Prepare journal entries to record the transactions on April 6 and April 20. In 2015, Westport engaged in the following two transactions:

a) April 6 Sold 100 shares of its investment in Lamb computer at a price of $55 per share less a brokerage commission of $20.

b) April 20 Sold 2500 shares of its Dry Foods stock at a price of $7 per share, less a brokerage commission of $20.

Reference no: EM132547702

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