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While reviewing the March 31, 2012, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement shows that the funds are earning an annualized return of 0.75%. S. Rey decides to make several investments with the desire to earn a higher return on the idle cash balance. Accordingly, in April 2012, Business Solutions makes the following investments in trading securities: April 16 Purchases 400 shares of Johnson & Johnson stock at $50 per share plus $300 commission. April 30 Purchases 200 shares of Starbucks Corporation at $22 per share plus $250 commission. On June 30, 2012, the per share market price (fair value) of the Johnson & Johnson shares is $55 and the Starbucks shares is $19. Required
1. Prepare journal entries to record the April purchases of trading securities by Business Solutions.
2. On June 30, 2012, prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities.
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