Business, 04.11.2021 14:00 jujurae03

McElroy Company has the following portfolio of investment securities at September 30, 2017, its most recent reporting date. Investment Securities Cost Fair Value
Horton, Inc. common (5,000 shares) $215,000 $200,000
Monty, Inc. preferred (3,500 shares) 133,000 140,000
Oakwood Corp. common (1,000 shares) 180,000 179,000

On October 10, 2017, the Horton shares were sold at a price of $54 per share. In addition, 3,000 shares of Patriot common stock were acquired at $54.50 per share on November 2, 2017. The December 31, 2017, fair values were Monty $106,000, Patriot $132,000, and Oakwood $193,000.

Requried:
Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2017.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 01:20, MendesArmy333

All of the industries and businesses in the country of marksenia are privately owned and sell products at different prices that are not controlled by the government or any other organizational body. consumers in marksenia are free to buy as much of the products as they like from the businesses they want. the country of marksenia has a

Answers: 1

continue

Business, 22.06.2019 02:10, dakodahepps

Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.

Answers: 1

continue

Business, 22.06.2019 08:30, ansarishaheer2888

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Answers: 3

continue

Business, 22.06.2019 23:00, shifaxoxoxo

What is the purpose of the us international trade association?

Answers: 2

continue

You know the right answer?

McElroy Company has the following portfolio of investment securities at September 30, 2017, its most...