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Question - The following are the transactions of Flower Bhd, which were completed during the fiscal year.
a) Flower Bhd purchased 2,000 securities of Titan Company at a price of $5 each with the prospect of selling them in the future when their value appreciate. The brokerage fee for this purchase is $1,350.
b) Flower Bhd purchased $100,000 of the government's 5% bond, paying at a price of 103.50%. Flower Bhd also paid $1,700 for the brokerage fees.
Flower Bhd sold half of the shares of Titan Company that it previously bought at a price $7 per share.
Required -
a) Explain how Flower Bhd would classify its investments in Titan Company.
b) Prepare the journal entries for the transactions in accordance with the current applicable accounting standards for financial instruments.
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