What is the balance sheet amount for trading securities

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Reference no: EM132705524

On 1/2/20X6, ALPHA acquired 100 shares of CHARLIE Corporation stock at $20 per share, 200 shares of DELTA Corporation stock at $40 per share, and 100 shares of ECHO Corporation stock at $30 per share. All of these shares were purchased as trading securities. The market price per share of these securities at the end of 20X6 and 20X7, respectively, are:

Company	12/31/x6	12/31/x7
CHARLIE	$8	$22
DELTA	$38	$34
ECHO	$34	$30

Question 1: What is the balance sheet amount for trading securities at the end of 20X7?

Question 2: Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee. Use this information to prepare the General Journal entry (without explanation) for July 8, 2016. If no entry is required then write "No Entry Required."

Reference no: EM132705524

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