Reference no: EM131265321
Accounting question about trading securities entries
There is a question that I need to solve in Excel. On December 21, 2013, Bucky Katt Company provided you with the following information regarding its trading securities.
Investments (Trading)
Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock
Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr.
December 31, 2013
Cost
$20,000 10,000 20,000
$50,000
Fair Value
$19,000 9,000 20,600
$48,600
Unrealized Gain (Loss)
$(1,000) (1,000)
600
(1,400) -0-
$(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, 2015.
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