Reference no: EM131116204
Equity Securities Entries Capriati Corporation made the following cash purchases of securities during 2010, which is the first year in which Capriati invested in securities.
1. On January 15, purchased 9,000 shares of Gonzalez Company's common stock at $33.50 per share plus commission $1,980.
2. On April 1, purchased 5,000 shares of Belmont Co.'s common stock at $52.00 per share plus commission $3,370.
3. On September 10, purchased 7,000 shares of Thep Co.'s preferred stock at $26.50 per share plus commission $4,910.On May 20, 2010, Capriati sold 3,000 shares of Gonzalez Company's common stock at a market price of $35 per share less brokerage commissions, taxes, and fees of $2,850. The year-end fair values per share were: Gonzalez $30, Belmont $55 and Thep $28. In addition, the chief accountant of Capriati told you that Capriati Corporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices.
(a) Prepare the journal entries to record the above three security purchases.
(b) Prepare the journal entry for the security sale on May 20.
(c) Compute the unrealized gains or losses and prepare the adjusting entries for Capriati on December 31, 2010.
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