Reference no: EM132651761
Below is a list of the marketable equity securities included in the current portfolio of the Sudan Corporation. In addition, the acquisition cost and the market value are provided. Sudan began operations in January 2019.
Purchase Market Value
Date Security Cost 12-31-19
3-01-19 Morocco Corp-common P520,000 P 590,000
4-01-19 Algeria Inc.- common 640,000 494,000
6-01-19 Libya Corp.-common 420,000 390,000
Purchase Market value
Date Security Cost 12-31-20
3-01-19 Morocco Corp.-common P520,000 P 416,000
4-01-19 Algeria Inc -common 450,000 474,000
6-01-19 Libya Corp. -common 420,000 484,000
2-01-20 Egypt Co. - common 530,000 560,000
All of the above securities are actively traded on national security exchange and classified as Trading Securities.
During January 2020, Sudan sold a portion of its investment in Algeria Inc. for P230,000. Also in February 2020, Sudan purchased Egypt Co. common stock for P530,000 cash.
Instruction:
Question 1. Prepare the adjusting entry, if any, required as of December 31, 2019 to properly value the current portfolio of equity securities.
Question 2. Prepare journal entry required to record the sale of Algeria, Inc. common stock in January 2020.
Question 3. Prepare the journal entry as of February 2020, to record the acquisition of Egypt Co. common stock.
Question 4. Prepare the adjusting entry, if any, required as of December 31, 2020 to properly value the current portfolio of equity securities
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