Pacers Corp. Has the following portfolio of investment securities at September 30, 2018: Trading Securities Fogel Inc., common(5000 shares) Petra Inc, preferred(3,500 shares) Tim Cor., common(1,000 shares) Fair Value $200,000 Cost $225,000 133,000 140,000 180,000 179,000 On October 10, 2018, the Fogel shares were sold at a price of $54 per share. In addition, 3,000 shares of Tigres common stock were purchased at $59.50 per share on November 2, 2018. The December 31, 2018 fair values were: Petra $96,000; Tigres $132,000, and Tim $193,000. All of the securities are classified as trading. Required: a)Prepare the journal entries to record the sale, purchase, and adjusting entries relating to the trading securities in the last quarter of 2018 and post the entries to ledger accounts.

Pacers Corp. Has the following portfolio of investment securities at September 30, 2018: Trading Securities Fogel Inc., common(5000 shares) Petra Inc, preferred(3,500 shares) Tim Cor., common(1,000 shares) Fair Value $200,000 Cost $225,000 133,000 140,000 180,000 179,000 On October 10, 2018, the Fogel shares were sold at a price of $54 per share. In addition, 3,000 shares of Tigres common stock were purchased at $59.50 per share on November 2, 2018. The December 31, 2018 fair values were: Petra $96,000; Tigres $132,000, and Tim $193,000. All of the securities are classified as trading. Required: a)Prepare the journal entries to record the sale, purchase, and adjusting entries relating to the trading securities in the last quarter of 2018 and post the entries to ledger accounts.

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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A 111.
Please help with D calculations.
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