Reference no: EM13761523
Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2013.
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Investments (Trading)
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Cost
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Fair Value
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1,500 shams of Gordon, Inc., Common
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$ 73,500
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$ 69,000
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5,000 shares of Wallace Corp., Common
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180.000
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175.000
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400 shares of Martin, Inc., Preferred
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60,000
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61.600
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$313.500
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$305,600
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All of the securities were purchased in 2013.
In 2014, Kenseth completed the following securities transactions.
March 1 Sold the 1,500 shares of Gordon. Inc., Common, 0 $45 less fees of $1,200 April 1 Bought 700 shares of Eamhart Corp.. Common. 0 $75 plus fees of $1,300
Kenseth Company's portfolio of trading securities appeared as follows on December 31, 2014.
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Investments (Trading)
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Cost
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Fair Value
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5.000 shares of Wallace Corp.. Common
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$180.000
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$175,000
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700 shares of Earnhart Corp.. Common
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53.800
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50,400
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400 shares of Martin, Inc., Preferred
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60,000
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58,000
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$293.800
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$283,400
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Instructions
Prepare the general journal entries for Kenseth Company for
(a) The 2013 adjusting entry
(b) The sale of the Gordon stock.
(c) The purchase of the Barnhart stock
The 2014 adjusting entry for the trading portfolio.
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