Answered: Prepare Journal Entry for the…

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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Sumace Corporation has made investments in Flay Corp and Laurier Corp in 2020.
(a) Feb 16: Purchased 700 Flay Corp shares at $45 per share. Commission was $40.
(b) Feb 26: Purchased 300 Laurier Corp shares at $32 per share, no commission.
(c) Mar 2: Received a $5 per share dividend on the Flay Corp shares.
(d) Mar 28: Sold 150 shares of Flay Corp at $55 per share.
(e) April 20: Sold 250 shares of Laurier Corp at $20 per share.
(f) April 30: End of the quarter. The company is preparing quarterly statements. Fair values for securities are as follows: Flay Corp $47 per share, and Laurier Corp $21 per share.

Prepare Journal Entry for the transactions above

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