Homework Help is Here – Start Your Trial Now!
Business
Accounting
May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. Required: Journalize the entries to record the following: a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3.* b. The May 10, 20Y4, purchase of Carroll Inc. securities.* c. The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase

May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. Required: Journalize the entries to record the following: a. The adjusting entry for the portfolio of trading securities on December 31, 20Y3.* b. The May 10, 20Y4, purchase of Carroll Inc. securities.* c. The adjusting entry for the portfolio of trading securities on December 31, 20Y4. Assume that except for the purchase

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I need help with questions c and d

Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portt on December 31, 20Y3, are as follows: Xº 4 F4 R 1 F 2 Griffin Inc. 3 Luck Company 4 5 Wilson Company Total On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. Q Search C F5 % 5 T Issuing Company G F6 6 Y H F7 & 7 U F8 J * 00 8 Cost 8 $26,200.00 32,760.00 30,240.00 $89,200.00 LG F9 80 9 F10 Fair Value $28,820.00 28,980.00 27,720.00 $85,520.00 0 K L F11 P F12 PrtSc [ + 11 Battery state Inser 1 }
Transcribed Image Text:Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portt on December 31, 20Y3, are as follows: Xº 4 F4 R 1 F 2 Griffin Inc. 3 Luck Company 4 5 Wilson Company Total On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. Q Search C F5 % 5 T Issuing Company G F6 6 Y H F7 & 7 U F8 J * 00 8 Cost 8 $26,200.00 32,760.00 30,240.00 $89,200.00 LG F9 80 9 F10 Fair Value $28,820.00 28,980.00 27,720.00 $85,520.00 0 K L F11 P F12 PrtSc [ + 11 Battery state Inser 1 }
Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portt on December 31, 20Y3, are as follows: Xº 4 F4 R 1 F 2 Griffin Inc. 3 Luck Company 4 5 Wilson Company Total On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. Q Search C F5 % 5 T Issuing Company G F6 6 Y H F7 & 7 U F8 J * 00 8 Cost 8 $26,200.00 32,760.00 30,240.00 $89,200.00 LG F9 80 9 F10 Fair Value $28,820.00 28,980.00 27,720.00 $85,520.00 0 K L F11 P F12 PrtSc [ + 11 Battery state Inser 1 }
Transcribed Image Text:Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portt on December 31, 20Y3, are as follows: Xº 4 F4 R 1 F 2 Griffin Inc. 3 Luck Company 4 5 Wilson Company Total On May 10, 20Y4, Gruden Bancorp Inc. purchased trading securities of Carroll Inc. for $25,655. Q Search C F5 % 5 T Issuing Company G F6 6 Y H F7 & 7 U F8 J * 00 8 Cost 8 $26,200.00 32,760.00 30,240.00 $89,200.00 LG F9 80 9 F10 Fair Value $28,820.00 28,980.00 27,720.00 $85,520.00 0 K L F11 P F12 PrtSc [ + 11 Battery state Inser 1 }
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS