Reference no: EM132535634
Question - Bradley Company completed the following securities transactions during 2020:
March 1 Purchased 500 shares of Thomas Corporation common stock @ $20 per share plus a brokerage fee of $100. Jasper classified these shares as trading securities.
April 1 Bought 30,000 of the 100,000 outstanding shares of Worth Stores common stock for $300,000 (assume significant influence).
June 25 Received a $1.20 per share dividend on the Thomas Corporation stock.
June 30 Worth Stores paid $20,000 in dividends to its stockholders.
October 1 Purchased 2,000 shares of Alpha Company for $15 per share plus a brokerage fee of $400. Jasper classified these shares as available-for-sale securities.
November 6 Sold the Thomas Corporation shares for $25 per share less a brokerage fee of $250.
December 31 Alpha shares are selling for $12 per share.
December 31 Worth Stores paid $50,000 in dividends and earned a net income of $200,000.
Required - Prepare the necessary journal entries to record the above transactions including any year-end fair value adjustments.
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