Securities Portfolio - Part B **Keep all calculations from this problem for Parts A, B & C** Herman Company has the following securities in its portfolio of trading equity securities on December 31, 2019: Cost 10,000 shs of Dean, common 5,000 shs of Lerner Corp., common $160,000 $139,000 Fair Value $182,000 $185,000 $342,000 $324,000 All of the securities had been purchased in 2019. In 2020, Herman completed the following securities transactions: March 1 April 1 Sold 5,000 shares of Lerner Corp., common at $32 less fees of $1,500. Bought 600 shares of White Stores, common at $50 plus fees of $550. What is the necessary entry for the sale of the Lerner Corp. stock on March 1st? Debit Cash, 160,000; Credit Trading Securities, 160,000 Debit Cash, 158,500; Credit Gain on Sale, 19,500; Credit Trading Securities, 139,000 Debit Cash, 158,000; Credit Trading Securities, 158,000 Debit Cash, 158,500; Debit Loss on Sale, 1,500; Credit Trading Securities, 160,000

Securities Portfolio - Part B Keep all calculations from this problem for Parts A, B & C Herman Company has the following securities in its portfolio of trading equity securities on December 31, 2019: Cost 10,000 shs of Dean, common 5,000 shs of Lerner Corp., common $160,000 $139,000 Fair Value $182,000 $185,000 $342,000 $324,000 All of the securities had been purchased in 2019. In 2020, Herman completed the following securities transactions: March 1 April 1 Sold 5,000 shares of Lerner Corp., common at $32 less fees of $1,500. Bought 600 shares of White Stores, common at $50 plus fees of $550. What is the necessary entry for the sale of the Lerner Corp. stock on March 1st? Debit Cash, 160,000; Credit Trading Securities, 160,000 Debit Cash, 158,500; Credit Gain on Sale, 19,500; Credit Trading Securities, 139,000 Debit Cash, 158,000; Credit Trading Securities, 158,000 Debit Cash, 158,500; Debit Loss on Sale, 1,500; Credit Trading Securities, 160,000

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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