Reference no: EM133022277
Question - Keitel Corp. had the following securities (all purchased in 2017) in its investment portfolio on December 31, 2017: Cost Market value, 12/31/2017 5,000 Randy common shares $55,500 $57,516 2,000 Tandy preferred shares $571,200 $559,200 10,000 Mandy common shares $250,200 $249,624 In 2018, Keitel made the following changes to the portfolio: 1. On Feb. 15, sold 1,500 Randy shares for $8.50 per share less fees of $1,000. 2. On April 9, purchased 2,000 Candy Ltd. common shares at $16.00 per share plus fees of $1,560. 3. On Nov. 15, sold 8,000 Mandy shares for $15 per share less fees of $1,200. On December 31, 2018, the fair values per share of the securities were as follows: Randy $8; Tandy $300; Mandy $26; and Candy $11. Keitel accounts for the portfolio using the FV-OCI method without recycling.
a. Prepare the journal entry to record the sale of Randy shares.
b. Prepare the entry to record the purchase of Candy Ltd. common shares.
c. Make journal entries on December 31, 2018 to mark the portfolio Keitel had to market.
d. Mandy declared a dividend of $1.50 per share on April 1, 2018. Prepare the journal entry. Should the dividend be booked to net income or OCI?
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