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:
Name
|
Number of Shares
|
Total Cost
|
Total Fair Value
|
Apex, Inc.
|
1,200
|
$16,000
|
$17,500
|
Evans Company
|
700
|
23,000
|
19,000
|
Quaker Company
|
300
|
9,000
|
8,600
|
Total
|
|
$48,000
|
$45,100
|
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.
What would be the journal entry to adjust the portfolio
: Assume the market prices of the portfolio were the same on December 31, 2013, as they were on December 31, 2012. What would be the journal entry
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Problem - Fair value journal entries and trading investments
: 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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