Grouper Corporation has the following securities in its portfolio of investments that are held for trading on December 31, 2024, Grouper's year end (all investments are included in one account Investments at FVTPL): Investments 1,500 shares of David Jones Inc., common 5,000 shares of Hearn Corp., common 400 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 During 2025, Grouper completed the following transactions: Carrying Amount (before adjustment) $73,500 180,000 60,000 $313,500 Investments 5,000 shares of Hearn Corp., common 700 shares of Oberto Ltd., common 400 shares of Alessandro Inc., preferred Sold the 1,500 shares of David Jones Inc. common at $41.75 per share. Bought 700 shares of Oberto Ltd. common at $75.50 per share Grouper Corporation's portfolio of held for trading investments appeared as follows on December 31, 2025: Carrying Amount $174,160 52,850 61,320 $288,330 $66,770 174,160 61,320 $302,250 Fair Value 50,400 Fair Value $175,000 57,000 $282,400
Grouper Corporation has the following securities in its portfolio of investments that are held for trading on December 31, 2024, Grouper's year end (all investments are included in one account Investments at FVTPL): Investments 1,500 shares of David Jones Inc., common 5,000 shares of Hearn Corp., common 400 shares of Alessandro Inc., preferred Mar. 1 Apr. 1 During 2025, Grouper completed the following transactions: Carrying Amount (before adjustment) $73,500 180,000 60,000 $313,500 Investments 5,000 shares of Hearn Corp., common 700 shares of Oberto Ltd., common 400 shares of Alessandro Inc., preferred Sold the 1,500 shares of David Jones Inc. common at $41.75 per share. Bought 700 shares of Oberto Ltd. common at $75.50 per share Grouper Corporation's portfolio of held for trading investments appeared as follows on December 31, 2025: Carrying Amount $174,160 52,850 61,320 $288,330 $66,770 174,160 61,320 $302,250 Fair Value 50,400 Fair Value $175,000 57,000 $282,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please don't give image format
Transcribed Image Text:Grouper Corporation has the following securities in its portfolio of investments that are held for trading on December 31, 2024,
Grouper's year end (all investments are included in one account Investments at FVTPL):
Investments
1,500 shares of David Jones Inc., common
5,000 shares of Hearn Corp., common
400 shares of Alessandro Inc., preferred
Mar. 1
Apr. 1
During 2025, Grouper completed the following transactions:
Carrying Amount
(before adjustment)
$ 73,500
180,000
Investments
$313,500
5,000 shares of Hearn Corp., common
700 shares of Oberto Ltd., common
400 shares of Alessandro Inc., preferred
60,000
Carrying
Amount
$174,160
Sold the 1,500 shares of David Jones Inc. common at $41.75 per share.
Bought 700 shares of Oberto Ltd. common at $75.50 per share
52,850
Grouper Corporation's portfolio of held for trading investments appeared as follows on December 31, 2025:
61,320
$288,330
$175,000
Fair Value
$66,770
$302,250
174,160
Fair Value
50,400
57,000
61,320
$282,400
Transcribed Image Text:(b)
Prepare the Grouper Corporation general journal entry for the sale of the David Jones Inc. shares. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter o for the amounts. List all debit entries before credit entries.)
Date
Mar. 1, 2025
Account Titles
Cash
Investments at FVTPL
Investment Income or Loss
Debit
Credit
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