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Question - Dixon Company has the following securities in its portfolio of temporary investments on December 31, 2019:
Cost
Market
8,000 shares of Brookfield Corp., Common
$220,000
$189,000
18,000 shares of Crown, Common
482,000
495,000
$702,000
$684,000
All of the securities had been purchased in 2019. In 2020, Dixon completed the following securities transaction: April 1 Bought 1,560 shares of Grey Trading, Common @ $65 plus fees of $850.
The Dixon Company portfolio of FV-NI equity securities appeared as follows on December 31, 2020:
8,000 shares of Brookfield Corp. Common
$204,000
520,500
1,560 shares of Grey Trading, Common
101,400
88,500
$803,400
$813,000
Required - Prepare the general journal entries for Dixon Company for:
(a) the 2019 year-end adjusting entry.
(b) the purchase of the Grey Trading shares assuming service fees are not capitalized
(c) the 2020 year-end adjusting entry.
Financial Statement Analysis and Preparation
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