Instructions Chart of Accounts Journal Instructions Gruden 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: 1 2 Griffin Inc. 3 Luck Company 4 Wilson Company Total 5 Name Number of Shares 1,460.00 1,200.00 850.00 Total Cost $29,200.00 30,000.00 30,600.00 $89,800.00 Total Fair Value $32,120.00 26,400.00 26,350.00 $84,870.00 On May 10, Year 2, Gruden Bancorp Inc. purchased 990 shares of Carroll Inc. at $26 per share plus a $130 brokerage commission. Required: A Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, Year 1.* B. Provide the journal entry to record the May 10, Year 2, purchase of Carroll Inc. stock.* *Refer to the Chart of Accounts for exact wording of account titles.

Instructions Chart of Accounts Journal Instructions Gruden 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: 1 2 Griffin Inc. 3 Luck Company 4 Wilson Company Total 5 Name Number of Shares 1,460.00 1,200.00 850.00 Total Cost $29,200.00 30,000.00 30,600.00 $89,800.00 Total Fair Value $32,120.00 26,400.00 26,350.00 $84,870.00 On May 10, Year 2, Gruden Bancorp Inc. purchased 990 shares of Carroll Inc. at $26 per share plus a $130 brokerage commission. Required: A Provide the journal entry to record the adjustment of the trading security portfolio to fair value on December 31, Year 1.* B. Provide the journal entry to record the May 10, Year 2, purchase of Carroll Inc. stock.* *Refer to the Chart of Accounts for exact wording of account titles.

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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Subject: accounting
pp. Subject :- Accounting
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