M4 Fair Value Journal Entries, Trading InvestmentsGruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows:NameNumber of SharesTotal Cost Total Fair ValueGriffin Inc.1,350$10,090$17,000Luck Company80026,24024,400Wilson Company3009,0009,180Total$53,330$50,580On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $30 per share plus a $140 brokerage commission.Provide the journal entries to record the following:a. The adjustment of the trading security portfolio to fair value on December 31, Year 1.Year 1, Dec. 31b. The May 10, Year 2, purchase of Carroll Inc. stock.Year 2, May 10

Investment means an asset purchased in expectation of earning a return on such investment in future…

Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfalla on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. Luck Company Wilson Company 1,350 900 300 $10,090 $17,000 24,400 9,100 Total $50,500 On May 10, veer 2, Gruden Dancerp Ine. purchased 500 shares of Carrell Inc. at $30 per share plus a $140 brokerage commission. Provide the journal entries to record the following: 9,000 $53,330

Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfalla on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. Luck Company Wilson Company 1,350 900 300 $10,090 $17,000 24,400 9,100 Total $50,500 On May 10, veer 2, Gruden Dancerp Ine. purchased 500 shares of Carrell Inc. at $30 per share plus a $140 brokerage commission. Provide the journal entries to record the following: 9,000 $53,330

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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