Need some assitance solving Dec. 31Year 2Mar. 14June 26July 30Dec. 312. Prepare the investment-related current asset balance sheet presentation for Zeus Investments Inc. on December 31, Year 2. Stock Investment Transactions, Trading SecuritiesZeus Investments Inc. is a regional investment company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired byZeus Investments Inc., which has a fiscal year ending on December 31:Year 1Feb. 14.Purchased 2,600 shares of Apollo Inc. as a trading security at $31 per share plus a brokerage commission of $520.Apr. 1.Purchased 1,200 shares of Ares Inc. as a trading security at $12 per share plus a brokerage commission of $240.June 1.Sold 600 shares of Apollo Inc. for $32 per share less an $80 brokerage commission.June 27.Received an annual dividend of $0.11 per share on Apollo Inc. stock.Dec. 31.The portfolio of trading securities was adjusted to fair values of $35 and $13 per share for Apollo Inc. and Ares Inc.,respectively.Year 2Mar. 14.Purchased 1,100 shares of Athena Inc. as a trading security at $36 per share plus a $165 brokerage commission.June 26.Received an annual dividend of $0.14 per share on Apollo Inc. stock.July 30.Sold 200 shares of Athena Inc. for $30 per share less a $60 brokerage commission.Dec. 31.The portfolio of trading securities had a cost of $109,575 and a fair value of $106,200, requiring a credit balance inValuation Allowance for Trading Investments of $3,375 ($109,575 - $106,200). Thus, the debit balance fromDecember 31, Year 1 is to be adjusted to the new balance.Required:1. Journalize the entries to record these transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. In your computations,round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

Journal entries are defined as recording of the business transaction into the books of accounts of…

Answered: ar 2 ar. 14

ar 2 ar. 14

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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