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Prepare journal entry to record sale of the colorado company

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Reference no: EM131151035

On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities.

 

31-Dec-13

Investments (Trading)

Cost

Fair Value

Unrealized Gain (Loss)

Clemson Corp. stock

$20,000

$19,000

($1,000)

Colorado Co. stock

10,000

9,000

-1,000

Buffaloes Co. stock

20,000

20,600

600

Total of portfolio

$50,000

$48,600

-1,400

Previous fair value adjustment balance

 

 

0

Fair value adjustment-Cr

 

 

($1,400)

During 2014, Colorado Company stock was sold for $9,400. The fair value of the stock on December 31, 2014, was Clemson Corp. stock-$19,100; Buffaloes Co. stock-$20,500.

(a) Prepare the adjusting journal entry needed on December 31, 2013.
(b) Prepare the journal entry to record the sale of the Colorado Company stock during 2014.
(c) Prepare the adjusting journal entry needed on December 31, 2014.

Reference no: EM131151035

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