Reference no: EM132683705
Problem - Fair value journal entries, trading investments
Acorn Bancorp Inc. purchased a portfolio of trading securities during 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows:
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Name
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Number of Shares
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Total Cost
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Total Fair Value
|
|
Apex, Inc.
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1,200
|
$16,000
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$17,500
|
|
Evans Company
|
700
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23,000
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19,000
|
|
Quaker Company
|
300
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9,000
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8,600
|
|
Total
|
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$48,000
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$45,100
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On April 3, 2013, Acorn Bancorp Inc. purchased 500 shares of Luke, Inc., at $36 per share plus a $100 brokerage fee.
Required - Provide the journal entries to record the following:
a. The adjustment of the trading security portfolio to fair value on December 31, 2012.
b. The April 3, 2013, purchase of Luke, Inc., stock.
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What would be the journal entry to adjust the portfolio
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: Problem - Fair value journal entries, trading investments - On April 3, 2013, Acorn Bancorp Inc. purchased 500 shares of Luke, Inc., at $36 per share
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